Not less than 44 Nigerian universities and several communities are to benefit from the proposed N20billion sovereign green bond scheduled to commence next month.
Speaking at the investors’ conference for the green bond at the Nigerian Stock Exchange (NSE) on Thursday, Acting President, Prof Yemi Osinbajo explained that proceed of the bond must be to environmentally infrastructure, adding that the issuance of the green bond would open up vast opportunities for the country, the capital market and the nation.
According to the Acting President, proceeds of the N20 billion green bond, the first to be launched by any African government, would be used to fund projects that would reduce carbon emissions and develop renewable energy.
He said the net proceeds of the bond would be used to fund Solar Unit Distribution Programme (SUDIP), Renewable Energy Micro-Utilities in 45 communities, Energising Education Programme (EEP), FCT Bus Rapid Transport and Afforestation Programme among others.
Explaining further, Osinbajo said: “Power has posed a major challenge and barrier to effective learning institutional operation and student residences in our universities. This programme would improve access to power to 37 federal universities and seven university teaching hospitals across the country. It would also impact the residents of surrounding communities in the total of about 1.110 million people. In total, 119 megawatts of power would be provided in this scheme out of which 60 megawatts would be solar power”
According to him, the green bond will add to the portfolio of instruments available for fund raising at the Nigerian capital market, pointing out that it is both an opportunity to deepen Nigerian capital market and to combat poverty.
He said: We are witnessing an alliance between finance and environment. It is an opportunity to deepen our capital market and make a dent in combating poverty and inequality”.
Photo Caption: L – R shows Abraham Nwankwo, Director General, Debt Management Office; Muhammad Bello, Honourable Minister of FCT; Amina I. Mohammed, Honourable Minister of the Environment; His Excellency, Prof Yemi Osinbajo, SAN, GCON, Acting President of The Federal Republic of Nigeria; Babatunde Fashola, Honourable Minister of Power, Works and Housing; Wife of the Ogun State Governor, Mrs Olufunsho Amosun; Ibrahim Usman Jibril, Hounorable Minister of State for The Environment; Oscar N. Onyema, OON, Chief Executive Officer, The Nigerian Stock Exchange (NSE); Bolaji Balogun, Chief Executive Officer, Chapel Hill Denham at the Green Bonds Capital Market and Investors Conference at the NSE on Thursday.
