This is the first certified sovereign bond and the second one originating in Africa.
As the largest nation in sub Saharan Africa, Nigeria intends to develop the green bond market in the region. It also sees this as an opportunity to align its own financial markets with the government’s climate objectives as detailed in the Nationally Determined Contribution (NDC) that Nigeria submitted for the 2015 Paris Agreement.
This bond is targeted mostly towards solar energy projects, as well as national afforestation programs.
| DATE OF ISSUE | TYPE OF INSTRUMENT | SIZE | COUNTRY OF ISSUE | CLIMATE BONDS SECTOR CRITERIA | VERIFIER'S REPORT | ANNUAL REPORT | FURTHER INFORMATION |
| December 2017 | Use of proceeds bond (Sovereign bond) | USD 29.7M | Nigeria | Solar and Forestry | DNV GL pre issue statement |
Quarterly report published on the Ministry of Environment's Website |