The Director-General of the Debt Management Office (DMO), Ms. Patience Oniha, has stated that Nigeria requires larger and more impactful climate projects that are visible to its citizens.

Oniha disclosed this on Monday while addressing investors at a stakeholders’ meeting that also marked the floating of a N50 billion series 3 Green Bond in Lagos.

The country pioneered sovereign green bonds in Africa, issuing the first African sovereign green bonds in 2017 and 2019, which raised N10.69 billion and N15 billion, respectively.

She said the proceeds from the new bond, which has a five-year tenure, would be used to fund several climate-friendly projects, including renewable energy, afforestation, and dams across the country.

Offered at a minimum subscription of N10 million and multiples of N1 million thereafter, Oniha said the bond will be benchmarked against the FGN Savings Bond, which is treated in the capital market.

The DMO boss said the instrument has become critical for the country because its entire proceeds would go into projects that would mitigate the climate change impact on Nigeria.

“It is tied to the global policy on climate change and looking after the environment because Nigeria is committed to the global agreements on climate change,” she said.

She noted that the N25.69 billion raised from the earlier two series was used to support renewables, afforestation, education, and micro-utilities.

In her presentation, Dr. Iniobong Awe, Director of Climate Change at the Federal Ministry of Environment, stated that Nigeria has committed to a 20 per cent reduction in greenhouse gas (GHG) emissions by 2030 and up to 45 per cent with international support.

She noted that desert encroachment in Northern Nigeria was a real danger, affecting both humans and livestock.

She stated that the federal government was committed to the Climate Change Act of 2021, with its goal of achieving net-zero emissions by 2060, supported by policies such as the Nigerian Carbon Market Initiative, the Green Bond Initiative, the National Council on Climate Change, and a Renewable Energy Policy.

Speaking about the Presidential Compressed Natural Gas (CNG) Initiative, she stated that the government is investing in infrastructure to support the adoption of CNG and electric vehicles.

According to her, through the National Greenhouse Gas Emission Monitoring Programme, a comprehensive initiative to monitor and reduce Nigeria’s greenhouse gas emissions, the government is working to reduce emissions in the country drastically.