Nigeria
needs 142 million US dollars between now and 2030 to finance its Intended
Nationally Determined Commitment (INDC) toward reducing emission and low carbon
for improved environment.
This is contained in a statement by the Special
Assistant to the Minister of Environment on Communications, Ms Esther Agbarakwe
on Saturday, after a stakeholders’ Consultation on pilot issuance of Green
bonds in Nigeria.
“The
resource needed to finance the NDC is put at USD142 million between now and
2030. “The forum is part of a continuing collaboration between the Ministry of
Environment and the Ministry of Finance to explore and develop a product that
can leverage and channel resources towards viable Green projects.
“Also, it can
contribute to the achievement of the nation’s development objectives,’’
Agbarakwe quoted Amina Mohmmed as saying.
She said the issuance of green bonds,
which had grown from 3 billion dollars per annum since 2012 to an estimated 00
billion dollars for 2016, presented a viable option. The special assistant also
recalled that in May, the minister was presented with a proposal by the
Nigerian Stock Exchange (NSE) in Lagos on the issuance of green bonds in
Nigeria.
Agbarakwe explained that thereafter several consultations with NSE,
SEC and UNEP had been held to critically look into the potential of financing
Nigeria’s INDC implementation through green bonds and other muti-laterals
funding mechanisms. “Green bonds have been the subject of increasing
government, investor and media interest and expectations, driven by the
prospect of matching large low‑carbon investment
requirements with the trillions of dollars in global bond markets held by
institutional investors,’’ she said.
Agbarakwe said participants at forum were
drawn from Federal Ministries of Finance, Budget and National Planning, Trade
and Investment, Nigerian Stock Exchange (NSE), Debt Management Office (DMO),
and Central Bank of Nigeria (CBN).
Other, she said were Securities and Exchange
Commission (SEC), National Assembly, Africa Finance Corporation, World Bank,
UNEP, UNDP, McKingsey and Company, Chapel Hill Denham, Stanbic IBTC, DFID/NIAF
and other private sector representatives. VANGUARDNGR
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