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Lagos Raises N85bn In Bond Issue To Fund Projects | The Precision

Nigeria’s Lagos state on Monday raised 85.14
billion naira ($271 million) in 7- and 10-year bonds to fund
infrastructure and environmental projects, its commissioner for finance , Akinyemi Ashade
said on Monday. 

The bond consists of 46.37
billion naira 7-year debt at a 16.75 percent rate and 38.77 billion
naira via a 10-year paper with 17.25 percent interest, Akinyemi Ashade
said in a statement. 
Lagos state is home to the
commercial hub of Africa’s biggest economy, a sprawling city of more
than 21 million people which badly needs infrastructure upgrades.

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