FG, NGX unveil impact board to promote green bonds

(Last Updated On: July 11, 2024)By Chukwuma Umeorah
The Federal Government through the Ministry of Environment and the Nigerian Exchange Group (NGX) on Wednesday launched the NGX Impact Board for the promotion of green bonds.
The Minister of Environment and Co-Chair of the Green Bond Advisory Group, Balarabe Lawal during the launch on the floor of the Exchange in Lagos highlighted the critical environmental challenges facing Nigeria, particularly in the northern regions, and the pressing need for financial resources to tackle these issues.
He emphasized the importance of the Green Bond in tackling climate change problems such as flooding, erosion, pollution, and other environmental hazards.
“We have many issues that we need funding for, floods, erosion, pollution, and more. This is why we are here, to make the issuance of Green Bonds an annual event,” said Lawal.
He also stressed the necessity for collaboration between the financial sector and public institutions to support environmental projects, noting that a clean environment is foundational to public health.
Chairman of NGX Group Umaru Kwairanga underscored the NGX Group’s commitment to sustainable development, explaining that the NGX Impact Board is designed to support various sustainability initiatives, including those aligned with the Sustainable Development Goals (SDGs). He noted that the board provides a platform for ministries and state governments to raise necessary funds for their environmental projects.
“The NGX Impact Board will play a pivotal role in mobilizing funds for environmental projects and promoting sustainable development across Nigeria.
“We believe this is a new dawn for the NGX, demonstrating our commitment to sustainable development,” Kwairanga stated. He also highlighted that having approached the Exchange earlier in the year, the Gombe State government is close to finalizing a N30 billion Green Bond agreement, facilitated by the NGX.
Kwairanga also elaborated on the recently launched digital platform by the NGX, aimed at increasing retail investor participation.
He explained that the platform would allow more Nigerians to invest in the stock exchange from the comfort of their homes, significantly expanding the reach and impact of the NGX.
On his part, the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, praised the creation of the NGX Impact Board and reaffirmed support of the Commission. “Wherever there is innovation and something of value, you would find the SEC. We continue to back the NGX in their relentless efforts at deepening the capital market,” he said.

The post FG, NGX unveil impact board to promote green bonds appeared first on The Sun Nigeria.


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