How Nigeria plans to spend ₦15 billion green bond

Nigeria will issue a green bond of up to ₦15 billion to fund environmental projects, the country’s debt office announced.

The government had previously said it was planning a bond programme for environmental projects as part of its move to align with a global push to expand the market for finance and fight climate change.

Nigeria issued a maiden ₦10.69 billion green bond with a five-year tenor in 2017 to fund projects to develop renewable energy. The statement does not specify the new bond’s planned tenor.

According to the Debt Management Office, the second issuance was part of a bid to cut greenhouse gas emissions by 20% by 2030.

“Eligible green projects can be classified under three themes within the green bond framework, namely renewable energy, afforestation, and transportation,” it said in a statement.

The debt office said it is working on the offer with Chapel Hill Denham Advisory Limited, Capital Assets Limited, Rand Merchant Bank Nigeria Limited, and Stanbic IBTC Capital Limited.