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Nigeria: green bond issuance announced in February will not occur until adoption of 2017 budget

Nigeria: green bond issuance announced in February will not occur until adoption of 2017 budget
  • Comments   -   Thursday, 13 April 2017 - 12:18

(Ecofin Agency) - The Buhari administration said it will delay the issuance of the green bond it planned for this month, until the 2017 budget has been adopted. This was revealed by the environment ministry, Reuters reports.   

The bond which amounts to N20 billion ($65.55 million) should help finance low-emission projects in areas such as agriculture, transport and deforestation, and develop renewable energy.

Let’s recall the instrument which was announced in February by the former minister of environment, Amina Mohammed, would be aimed at domestic markets. “The green bond issuance will be the first stage in enabling Nigeria to tap into the growing global market for green bonds,” Mohammed said at the time.

Nigeria which is in its first recession in 25 years said it plans to borrow up to $10 billion this year, half of which from foreign sources. In the same month, the $65 mln green bond was announced, the country sold a 15-year Eurobond worth $1 billion which was about eight times oversubscribed.  

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