(Ecofin Agency) - The Lagos State has redeemed N57.5 billion ($183 million) worth of local currency bonds issued 7 years ago, Reuters reported citing finance commissioner, Akinyemi Ashade.

According to the official, redeeming the bonds aims to help the state raise new funds for infrastructure investment. He recalled that the redeemed bonds were sold in 2010 to fund infrastructure development.

Ashade further indicated that the Lagos state had saved more than N103 billion naira by redeeming bonds that were to mature in 2019, 2020 and 2023. Last year, the state government redeemed N167.5 billion in bonds.  

In regards to the development of infrastructures, finance minister, Kemi Adeosun, recently said investment in infrastructure and anti-corruption would help stimulate economic growth in Nigeria. Truly, the nation, since last year, is in its first recession in 25 years, mainly due to global slump of oil prices as the economy derives two-third of its revenues from the resource.