The Federal Government is aiming to raise at least N250 billion through the Sovereign Green Bond between now and October this year to finance various environmental projects across the country.
The bond is designed to provide funding for projects that reduce carbon emissions, enhance renewable energy, improve waste management, and promote climate resilience.
The Minister of Environment, Balarabe Lawal, made this announcement during a Ministerial Press Conference in Abuja. He revealed that the Green Bond has increased significantly from N10 billion to N15 billion, with plans to raise it to N50 billion by this month.
Lawal stated, “We remain dedicated to implementing policies and initiatives that will drive sustainable development for the benefit of our people and future generations. We need collective action that will involve critical stakeholders across the board.”
“In the future, the Sovereign Green Bond Programme will enable Nigeria to address challenges such as coastal erosion, flooding, and other coastline-related environmental issues. It will also focus on sustainable pollution control and ecosystem restoration to protect coastal communities and economies.”
According to the Minister, the primary objective is to develop sustainable capacity in managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.
He also hinted that plans are underway to initiate a Private Forest Programme, which will enable individuals and organisations to establish private forests across the nation to complement the efforts of the Department of Forestry.
In this regard, he explained that a committee has been constituted to support this initiative, which is part of a global effort under the United Nations Framework Convention on Climate Change (UNFCCC) to combat climate change by reducing deforestation and forest degradation in developing countries.
He commended President Bola Tinubu for placing climate change issues at the forefront of national priorities and for his unwavering commitment to environmental sustainability.
He also praised the President’s steadfast support for the Federal Ministry of Environment’s programs and initiatives.
