Lagos raises 85b naira in bond issue to fund projects-official

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 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.