Lagos — The Ogun State Government recently signified its intention to access the capital market through the floatation of a two-tranched sub-national debt instrument to raise a total of N50 billion. The bond, according to Governor Gbenga Daniel, will enable the state take more advantage of its location as a gateway state to Lagos, Nigeria's financial capital city, benefiting from spill over effects of more companies relocating to the state, unable to find space in the former federal capital city.
The first tranche of the bond issue (N28 billion), the Governor said, is to be ploughed into projects that will better position the state as an investment destination. Such investment, according to reports will engender a quantum leap in the state's internally generated revenue pool.
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