Lagos State has benefited significantly from the growth of Nigeria’s capital market, with funds raised through bond issuances supporting major infrastructure projects, Governor Babajide Sanwo-Olu has said.
Sanwo-Olu said this on Wednesday at the 30th Annual Stockbrokers’ Conference organised by the Chartered Institute of Stockbrokers at Harbour Point, Victoria Island, Lagos.
He said the capital market had grown from N32 trillion to more than N160 trillion in four years and was projected to reach N200 trillion by the first quarter of 2027.
According to the governor, funds raised through the market have helped finance key projects, including the extension of the Lagos Rail Mass Transit Blue Line and the construction of the 280-bed Ojo Specialist Hospital.
Speaking on the theme, “From Capital Mobilised to Prosperity Realised: Financing Nigeria’s Next Era of Growth and Global Competitiveness”, Sanwo-Olu said the state had raised N230 billion through conventional and green bonds in November 2025, describing it as the largest sub-national bond issuance at the time.
He added that another bond issuance, initially targeting N200 billion, attracted enough subscriptions for the state to raise N215 billion.
The governor said proceeds from the bond issuances were being used to extend the Blue Line from Okokomaiko to Trade Fair, with four additional stations planned.
He said the funds were also supporting the completion and equipping of the Ojo Specialist Hospital, as well as the construction of the 180-bed New Massey Children’s Hospital.
Sanwo-Olu further disclosed that the government was constructing the Omu Creek Bridge in Sangotedo to improve access and encourage investment in an area with about 5,000 hectares of undeveloped land.
He, however, urged stakeholders to look beyond the growth in market capitalisation and focus on developing innovative financial products while protecting the integrity of the capital market.
The governor also called for wider access to capital market funding for state governments and other sub-national entities, saying this would help promote balanced economic development across Nigeria.
On the future of the market, Sanwo-Olu advocated the adoption of tokenisation to attract young, technology-driven entrepreneurs and expand investor participation.
He also pledged the Lagos State Government’s support for the N5 billion endowment fund initiated by the Chartered Institute of Stockbrokers to develop the skills and knowledge required to drive digital transformation in the sector.
Meanwhile, the institute’s 14th President and Chairman of its Governing Council, Dr Fiona Ahmed Ahimie, said the conference theme challenged stakeholders to assess whether funds raised through the capital market were translating into tangible economic and social benefits.
Ahimie said the success of the market should not be measured only by capital raised, transactions, market capitalisation and investment flows, but also by its contribution to the economy and the livelihoods of Nigerians.
She described a developed capital market as a critical pillar of a modern economy, providing businesses with access to long-term funding while offering investors opportunities to grow their wealth.
According to her, the market also supports risk management, price discovery and improved corporate governance.
She added that investments raised through the market could generate wider economic benefits by supporting businesses, creating jobs and strengthening supply chains and surrounding communities.
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