A memorandum of understanding, MoU, was signed between the Lagos State Government, Financial Markets Dealers Quotations, FMDQ, and Financial Sector Deepening Africa, FSDA, on September 15 as implementing partners, to raise bond estimated to be over N25 billion for the Lagos Green Market Development Programme.
Speaking at the occasion held at the Lagos House, Marina, Governor Bababjide Sanwo-Olu, lamented that climate change, though affecting everyone, is expected to hit developing countries the hardest, especially low-lying states such as Lagos.
He stated, however, that in spite of its devastating effects, “climate change is being increasingly viewed as a gateway to new business opportunities, opening many profitable ways for investors to help protect the planet. One such way is through Green Bonds.”
Rabiu Olowo, the Commissioner for Finance, mentioned that the N25 billion Green Bond would address issues of climate change and environmental challenges.
He also revealed that Lagos has over 20 years of experience in raising bonds, saying that the state raised N100 billion bonds in 2020, which was the highest raised at that time.
When speaking to the Special Adviser to the governor on SDGs, Mrs Solape Hammond, she stated that the MoU signing was the start of the framework for managing the bond.
Chief Executive of FMDQ, Bola Onadele-Koko, also expressed that the firm is proud to partner with Lagos state towards addressing climate and environmental challenges through the bond.
