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Nigeria plans issuing NGN-15bn green bond

Nigerian Naira. Photo by:Bob Ryskamp. License: Creative Commons. Attribution 2.0 Generic.

May 31 (Renewables Now) - Nigeria’s Debt Management Office (DMO) intends to launch an up to NGN-15-billion (USD 41.6m/EUR 37.2m) offering of green bonds to back its commitment under the Paris Agreement.

This will be the country’s second sale of green bonds, through which it continues to pursue the goal of lowering greenhouse gas emissions by 20% by 2030. Funds from the Series II green bond sale will be allocated for green projects designated in three categories according to the country’s green bond framework. Those will be renewable energy, afforestation and transportation.

DMO, together with the Federal Ministry of Finance and the Federal Ministry of Environment, will organise roadshows in Lagos and Abuja on May 27 and May 28, respectively. It has engaged Chapel Hill Denham Advisory, Capital Assets, Rand Merchant Bank Nigeria and Stanbic IBTC Capital Limited as financial advisers and issuing houses for the placement.

Nigeria issued its inaugural green bond sale of NGN 10.69 billion at the end of December, becoming the first African country to issue such securities. The offer for the second placement has been assigned a GB1 (Excellent) rating by Moody’s Investor Service.

(NGN 100 = USD 0.277/EUR 0.249)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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