The Federal Ministry of Environment and Nigerian Exchange Limited have collaborated to address environmental issues in the country.
This collaboration aims to leverage the capital market to fund green projects aimed at promoting sustainability and environmental protection.
This was disclosed by the chairman of NGX Group, Umar Kwairanga, at the ‘Launch of the NGX Impact Board and Closing Gong Ceremony’ in Lagos State on Wednesday.
Umar further disclosed that the Securities and Exchange Commission is set to launch an N20 green bond to combat climate change and improve environmental resilience.
He emphasised the importance of this collaboration, stating, “The $1tn economy will be achieved. We welcomed a state government earlier, and we are about to launch N20 billion to support the green bond economy in collaboration with a state governor. We will raise the issue of the sovereign green bond. The Nigerian capital market, under the guidance of the SEC, is up to the task, and the issue of paper is gone.”
The doyen of the Nigerian capital market, Rasheed Yusuf, highlighted the critical timing of the initiative, noting, “We are very happy to have you here. This is the period that we are having environmental issues, and it reminds me that this is the time we should maintain our environment. We need to work with the ministry.”
The Minister of Environment, Balarabe Lawal, underscored the urgent need for funding to address environmental challenges such as flooding, pollution, and health crises.
“We all know what our environment is going through, such as floods in Lagos and the north. We need funding for these issues. We want to join hands with the stock exchange to make this an annual event and address these critical issues,” Lawal said.
In his remarks, the Group Chief Executive Officer of NGX Group, Temi Popoola, expressed confidence in the impact of the green bond initiative, stating that it represented a new dawn for the exchange and a significant step towards achieving environmental sustainability in Nigeria.
The Director General of the Securities and Exchange Commission, Emomotimi Agama, urged capital market operators to embrace green bonds and exchange-traded funds as pivotal instruments for fostering growth and sustainability in Nigeria’s capital market.
