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Stakeholders chart path to boost agriculture through green financing

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As the Coronavirus (COVID-19) pandemic continues to present challenges to businesses and economies globally, FMDQ Holdings PLC, Financial Sector Deepening (FSD) Africa, and Climate Bonds Initiative (CBI), have partnered in facilitating a stakeholder engagement to boost Nigeria’s agricultural sector through green financing.

According to the organisations, it was imperative that creative and proactive solutions are proffered to ensure the continued sustenance of key sectors of economies, and the Nigerian agribusiness sector is not left behind.

They maintained that it was vital for market participants in Nigeria’s financial market space to join the conversation in the implementation of the Nigerian Green Bond Market Development Programme.

The webinar session, themed: “Green Financing Opportunities for Agribusiness,” scheduled for tomorrow (Thursday), by 11 a.m., is targeted at current and potential issuers, as well as other stakeholders within the sustainable finance sphere in the Nigerian agribusiness sector.

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Also, the programme is focused on expert discussions to demystify the concept of green bonds and green financing, highlight opportunities in the agribusiness sector, and provide updates on available funding to support initiatives under the Nigerian Green Bond Market Development Programme.

The groups said the programme was timely, given the renewed importance of sustained supply of food and agricultural produce to communities and families across the world.

They said: “FMDQ, FSD Africam, and CBI formalised a Cooperation Agreement in March 2018, to develop the sub-national and non-sovereign green bond market in Nigeria.

“The Parties formally launched a 3-year Nigerian Green Bond Market Development Programme in June 2018, to support the development of guidelines and listing requirements for green bonds in Nigeria, and to develop a pool of Nigeria-based licensed verifiers to support issuers.

“Also, the programme would facilitate engagement and capacity building sessions with extant and potential issuers and investors, and support broader capital market reforms that have and/or will have an impact on the nongovernment bond market in Nigeria.”

“Since its launch, the Programme has seen the achievement of some key milestones, including but not limited to the development of the Green Bond Issuance Rules launched in November 2018; the issuance of Africa’s first Climate Bond Certified Corporate Green Bond, and the Access Bank PLC ₦15.00 billion Green Bond in March 2019, amongst others.

“The Programme implementation partners have also successfully delivered knowledge bridging and capacity building training sessions across capital markets stakeholders, impacting over 450 beneficiaries so far.”

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