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Nigeria First Nation to Issue a Climate Bonds Certified Sovereign Green Bond

A first for Africa and a Big Step for Green Finance

 

LONDON - December 19, 2017 (Investorideas.com Newswire) Nigeria has become the first nation to issue a Climate Bonds Certified Sovereign Green Bond, the first African nation to issue a sovereign green bond and only the fourth nation in the world to issue after Poland, France, and COP23 President, Fiji.

The NGN 10.69bn issuance has been described by the Ministry of the Environment as a "pilot sovereign" of a foreshadowed NGN 150 billion green bond programme and will fund a range of renewable energy, afforestation and environmental projects. The 5-Year Bond settles on December 22nd. Chapel Hill Denham is the financial adviser.

The Honourable Minister for State for Environment, Ibrahim Usman Jibril:

"Climate Change is real and business, government and the capital market need to work together to slow its effects. This pilot green bond, which we expect to be the first of many more, has developed the platform to address the nation's target of reducing its emissions by 20% unconditionally and 45% conditionally by 2030."

Climate Bonds Director of Market Development, Justine Leigh-Bell:

"This debut sovereign issuance is part of Nigeria's many efforts directed towards its Paris based NDC commitments. National leadership combined with international support has achieved the first stage of a long term green investment pipeline. The wider objective is to build capital flows across Nigeria's vast economy that contribute towards domestic climate and environmental goals."

The debut green bond has come to market after an extensive development process involving domestic and international stakeholders. Moody's Investors Service has assigned a Green Bond Assessment of GB1 (Excellent) to the issuance and is expected to be listed on the Nigerian Stock Exchange (NSE) by the Nigerian Debt Management Office (DMO).

Climate Bonds Contact:

Andrew Whiley
Head of Communications (London)
+44 (0)7506 270 943
andrew.whiley@climatebonds.net

Nigeria Environment Ministry Contact:

Esther Agbarakwe
Office of the Hon. Minister of Environment
Federal Ministry of Environment
donestyc@gmail.com

Nigeria Environment Ministry Contact:

Esther Agbarakwe
Office of the Hon. Minister of Environment
Federal Ministry of Environment
donestyc@gmail.com

About Climate Bonds Initiative:

The Climate Bonds Initiative is an investor-focused not-for-profit, promoting large-scale investment in the low-carbon economy. It undertakes advocacy and outreach to inform and stimulate the market, provides policy models and government advice, market data and analysis and administers the Standards & Certification Scheme. For more information, please visit www.climatebonds.net.

More about this bond:

Initially mooted in May 2016 by the then Environment Minister Amina J. Mohammed, and supported by Finance Minister Kemi Adeosun, the Nigerian green bond goal gained widespread attention after being formally announced by President Buhari at the October 2016 signing of Nigeria's Paris Accord NDC commitment during Climate Week New York.

Since that announcement by the President, support and assistance has come from many quarters with the UNEP Inquiry, Nigerian Stock Exchange (NSE), Citi Bank, Chapel Hill Denham, World Bank and EY all playing a positive role and FSD Africa providing vital funding.

Climate Bonds worked in partnership with Moody's on review processes, global verifier and sustainability experts DNV-GL provided independent assessment of the bond and Climate Bonds has certified against its international Standard, the first sovereign issuance to attain this recognition.

Continuing support for the overall program via Green Bond Private Public Sector Advisory Group comprised of external development partners: World Bank, IFC, African Development Bank, UNEP and the Climate Bonds Initiative and also includes independent regulators, capital market operators and relevant ministries.

The Debt Management Office has posted a Fact Sheet setting out a climate based rationale to the issuance.

Disclaimer:

The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser. Any reference to a financial organisation or debt instrument or investment product is for information purposes only. Links to external websites are for information purposes only. The Climate Bonds Initiative accepts no responsibility for content on external websites.

The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument or investment product and no information within this communication should be taken as such, nor should any information in this communication be relied upon in making any investment decision.

Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument. It does not reflect the credit worthiness of the designated debt instrument, nor its compliance with national or international laws.

A decision to invest in anything is solely yours. The Climate Bonds Initiative accepts no liability of any kind, for any investment an individual or organisation makes, nor for any investment made by third parties on behalf of an individual or organisation, based in whole or in part on any information contained within this, or any other Climate Bonds Initiative public communication.


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