gas flaring
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Nigeria is set to undertake a second issuance; a Series II Green Bond of up to N15 billion ($42 million).

This follows the country's successful debut green bond issuance of N10.69 billion ($30 million) in December 2017 - by which Nigeria became the first African country to issue a green bond.

The Nigerian Debt Management Office noted that the Series II Green Bond issuance is a further demonstration of the government’s commitment to the reduction of greenhouse gas emissions by 20% (unconditionally) by 2030, as outlined under the Paris Agreement signed on 21 September 2016.

Through the Offer, the federal government seeks to raise N15 billion to finance projects with green credentials.

These eligible green projects can be classified under three themes within the green bond framework, namely: renewable energy, afforestation, and transportation.

According to the office, Moody’s Investors Service has assigned a GB1 (Excellent) Green Bond Assessment to the Offer.

Now the Debt Management Office said it is working with Chapel Hill Denham Advisory Limited, Capital Assets Limited, Rand Merchant Bank Nigeria Limited, and Stanbic IBTC Capital Limited as Financial Advisers/Issuing Houses to the Offer.

Green Bond framework

The Nigeria ministry of environment implements programmes and projects that provide the enabling environment for the achievement of the emissions targets that have been outlined in its Nationally Determined Contributions.

To execute these projects, the ministry is collaborating with the ministry of finance.

Eligible project must fall into a least one of the following eligible sectors defined in the next section.

Mitigation

Theme Equivalent NDC Target Project Type
Energy efficiency 2% per year energy efficiency (30% by 2030) Efficient gas generators Investments in equipment, systems and services which result in more efficient use of energy
Resource efficiency Work towards ending gas flaring by 2030 Improve electricity grid Investments to improve industry processes that enhance energy conversion
Renewable energy Work towards off-grid solar PV of 13GW (13,000MW) Investments in equipment, system and services which enable renewable energy
Clean technology Transport shift - car to bus, car to rail transportation Investments in manufacturing of components that support renewables

Adaptation

Theme Equivalent NDC Target Project Type
Sustainable Forest Management Climate smart agriculture and reforestation Investments in initiatives that benefit sustainable agriculture, fishery, aquaculture, forestry and climate smart farm inputs such as biological crop protection or drip-irrigation

Read the updated green bond framework