Nigeria - State of the Market

The Green Bond Market Development Programme

Nigeria was the first nation to issue a Sovereign Certified Climate Bond back in 2017.  

In March 2018, FMDQ Securities Exchange (“FMDQ”), Climate Bonds Initiative  and Financial Sector Deepening, Africa (“FSD Africa”), formalised a partnership, through the execution of a Cooperation Agreement, to support the development of the Nigerian green bond market. Consequently, the Nigerian Green Bond Market Development Programme (the “Programme”) was established. 

The Programme, since its official launch in June 2018, has made commendable strides in achieving part of its strategic objectives of developing the corporate green bond market, evidenced via ongoing bi-lateral engagements, trainings and capacity building sessions for different categories of stakeholders in the financial market ecosystem.

Programme Components/Workstream

• Facilitate the establishment and development of a green bond market in Nigeria
• Support development of guidelines and listing requirements for green bond in Nigeria
• Develop a pool of Nigeria-based licensed verifiers to support issuers
• Develop green investment pipelines & facilitate engagement of extant & potential investors
• Support broader debt capital markets reforms that have an impact on non-government bond markets in Nigeria
We thank all the program partners working long term to build a sustaiable green finance market in Nigeria.