In a landmark demonstration of its steadfast commitment to advancing Nigeria’s debt capital markets, promoting sustainable finance, and enabling transformative economic development, FMDQ Securities Exchange Limited (“FMDQ Exchange” or the “Exchange”) has approved the listing of Lagos State Government of Nigeria’s ₦14.82 billion 5-Year 16.00% Series 3 Fixed Rate Green Bond and ₦230.00 billion 10-Year 16.25% Series 4 Fixed Rate Bond under its ₦1.00 trillion Debt and Hybrid Instrument Issuance Programme. This historic dual-series approval by the Exchange’s Board Listings and Markets Committee is one of the most significant sub-national debt capital market transactions in Nigeria’s financial history, further reinforcing FMDQ Exchange’s position as a reliable platform for sovereign and sub-sovereign entities seeking credible, transparent, and efficient access to long-term capital.

Recognised as Nigeria’s commercial hub and one of Africa’s largest subnational economies, Lagos State Government of Nigeria (“Lagos State” or the “Issuer”) continues to lead in financing sustainable infrastructure, urban development, and public service delivery for its over twenty (20) million residents. Contributing approximately 30% of the nation’s gross domestic product and hosting the largest concentration of businesses and financial institutions in the country, Lagos State’s access to long-term capital is both a state priority and a national imperative. Proceeds from this dual-series issuance, sponsored by Chapel Hill Denham Advisory Limited, Registration Member (Listings) of FMDQ Exchange, will be deployed toward critical infrastructure development, sustainable projects, and strategic programmes designed to enhance the standard of living for all Lagos State residents and sustain the State’s trajectory as Africa’s premier commercial destination.

The Series 3 Fixed Rate Green Bond marks a milestone for Lagos State and Nigeria’s sustainable finance ecosystem. In alignment with global green bond standards, the Issuer has committed to applying the proceeds exclusively toward eligible green projects, including renewable energy, energy efficiency, clean transportation, sustainable water management, climate resilience, and environmentally responsible urban infrastructure. The Series 4 Fixed Rate Bond provides stable borrowing costs, enabling reliable financial planning and long-term budget management. Together, these instruments underscore the increasing role of sub-national governments in mobilising long-term capital for Nigeria’s infrastructure development. Through this issuance, Lagos State joins other African sub-national issuers leveraging debt markets and green finance to address environmental challenges and infrastructure gaps.

FMDQ Exchange remains dedicated to transforming Nigeria’s capital market through world-class infrastructure, enhanced transparency, and continuous market innovation. By enabling sub-national governments to access long-term, sustainable capital, the Exchange continues to serve as a critical engine of national development and supports institutions in building the infrastructure and communities that will shape Nigeria’s future.

FMDQ Group PLC (“FMDQ Group”) is Africa’s first vertically integrated financial market infrastructure (“FMI”) group, strategically positioned to provide registration, listing, quotation and noting services for financial markets securities; an integrated trading platform, clearing & central counterparty, and settlement services for financial markets transactions; depository of securities, as well as data and information services, across the debt capital, derivatives and equity markets, among others, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited. As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.