Federal and Lagos State Bonds Listings on NGX Jump to N6.93 Trillion Amid Capital Formulation Role

Government bond listings on the Nigerian Exchange Limited (NGX) have surged, reaching N6.93 trillion between January and mid-July 2026. This significant increase highlights the critical role of government debt instruments in capital formation within Nigeria's economy.

The bulk of these listings, approximately 96.46%, came from the federal government through its Debt Management Office (DMO). These include Federal Government of Nigeria (FGN) Bonds and Sukuk, totaling N6.68 trillion. The DMO lists these bonds on the NGX to ensure a liquid and tradable market for investors, establish benchmark yield curves for private-sector debt, and offer a low-risk, tax-exempt investment option.

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we are here to finalize the documentation for the issuance of our Green Bond and Conventional Bond as part of the Lagos State N1 trillion Debt and Hybrid Instruments Issuance Programme.

Lagos State government bonds accounted for the remaining 3.5%, or N244.82 billion, of the total listings. Notably, the state government plans to use the proceeds from its recent bond issuances for crucial infrastructure development. This includes investments in transportation, housing, environmental sustainability, healthcare, and education, aiming to foster sustainable and inclusive growth.

Governor Babajide Sanwo-Olu expressed gratitude to investors for their confidence, pledging prudent management of public resources. He highlighted Lagos State's pioneering role in bond issuance, noting that each subsequent issuance has surpassed previous records. The state has issued Nigeria's first subnational Green Bond, securing N14.815 billion, with total bids reaching N29.29 billion, demonstrating strong investor interest.

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Lagos State has issued Nigeria’s first subnational Green Bond, securing N14.815 billion. The enthusiastic response, with total bids reaching N29.29 billion