TheCable

Nigeria will issue green bonds worth N150 billion to the public in 2018 as a means of increasing climate funding.

Ahmad Salihijo, a technical assistant to the minister of environment, made this known while speaking at a panel discussion on climate finance work for women and non-state actors in Lagos.

Nigeria issued its first green bond, which was worth N10 billion, in December 2017.

Nigeria’s debut issuance of green bonds was part of many efforts directed towards its Paris commitments.

“We will use the success of our first issuance to see how we can issue more. Where we are now, seeing the success of the first issue, our target this year is N150 billion. Already we are getting more proposals and support,” he said.

“Everybody is excited about the idea of climate funding, everybody wants to be a part of it. Highly reputable organizations within and internationally are supporting us.”

Salihijo said proceeds from the first green bonds issuance are channelled towards three major projects.

“The first project is the Energizing Education Project registered with the federal ministry of power under the rural electrification agency, the second project is the Renewable Energy Micro Utility Project (REMU) also under the federal ministry of power and the third project is the afforestation project which is registered under the federal ministry of environment,” he said.