Federal government has announced plans to raise $186 million from green bonds in two separate offerings before the end of the year to support its economic transformation and climate goals.
Gatekeepers News reports that speaking to Bloomberg on Wednesday, Minister of Environment Balarabe Abbas Lawal said the fundraising will occur in two phases: an N50 billion ($31 million) issuance expected within the next two weeks, followed by a larger N250 billion ($155 million) tranche in October.
He said, “We have the European Union involved, we have the World Bank involved, we have the Ministry of Finance and Debt Management Office involved.”
“I want to assure you that both issuances will be oversubscribed.”
Lawal noted that the green bond is part of the government’s strategy of accelerating the environmental agenda, implemented through a mix of national reforms, state-level coordination, and cross-border cooperation aimed at building resilience against climate change.
The minister said the funds raised will support water security, green mass transit, and clean energy projects.
He added that federal government plans to issue a green dollar-denominated bond in 2026, though details of that offer are yet to be made public.
Federal government previously issued an N10.69 billion green bond to finance capital projects in the 2018 budget, and in December 2022, Debt Management Office said a similar method would be used to finance 2023 budget.
