The Debt Management Office has announced a N50 billion Green Bond issuance on behalf of the Federal Government, with proceeds earmarked for renewable energy, afforestation, dams, and Compressed Natural Gas projects nationwide.
DMO Director-General Ms. Patience Oniha disclosed this at an investors’ meeting in Lagos, stating the five-year bond would be benchmarked against the FGN Savings Bond. She emphasized Nigeria’s commitment to climate action, noting the bond aligns with global climate change policies.
“It is tied to the global policy on Climate Change and looking after the environment because Nigeria is committed to the global agreements on Climate Change,” Oniha said.
Nigeria pioneered Africa’s sovereign Green Bonds in 2017 (N10.69bn) and 2019 (N15bn), funding renewables, afforestation, and micro-utilities. “The government continues to mobilize domestic and international climate finance to scale up mitigation and adaptation efforts,” she added.
The new bond requires a minimum N10 million investment, with subsequent multiples of N1 million. Oniha encouraged corporates to emulate the initiative, while noting future issuances depend on budgetary provisions.
Dr. Iniobong Awe of the Environment Ministry highlighted climate threats like northern desertification, reaffirming Nigeria’s Net Zero 2060 target under the Climate Change Act 2021, supported by carbon markets and renewable energy policies.
