Lagos raises N25b bond for Lagos Green Market Development Programme

Parties hold papers after signing Lagos green market development programme

Lagos State Government, yesterday, signed a Memorandum of Understanding, MoU, with Financial Markets Dealers Quotations, FMDQ, and Financial Sector Deepening Africa, FSDA, as implementing partners, to raise bond estimated to be over N25 billion for the Lagos Green Market Development Programme

Governor Bababjide Sanwo-Olu, speaking on the occasion, held at the Lagos House, Marina, lamented that climate change, though affecting everyone, is expected to hit developing countries the hardest, especially low-lying states such as Lagos.

He, however, noted that despite its devastating effects, ‘climate change is being increasingly viewed as a gateway to new business opportunities, opening many profitable ways for investors to help protect the planet. One such way is through Green Bonds’.

The Commissioner for Finance, Rabiu Olowo, noted that the N25 billion green bond would address issues of climate change and environmental challenges.

According to Olowo, Lagos has over 20 years of experience in raising bonds. The state raised an N100 billion bond in 2020, being the highest raised at that time.

Special Adviser to the governor on SDGs, Mrs Solape Hammond, said the MoU signing was the start of the framework for managing the bond.

Chief Executive of FMDQ, Bola Onadele-Koko, said the firm is proud to partner with the state towards addressing climate and environmental challenges through the bond, which will help in achieving the objectives of the Lagos Green Market Development Programme.

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