$142 million US dollars is needed by Nigeria between now and 2030 to finance its Intended Nationally Determined Commitment (INDC) toward reducing emission and low carbon for an improved environment.
Esther Agbarakwe, Special Assistant to the Minister of Environment on Communications, revealed this in a statement on Saturday after a stakeholders’ meeting.
“The resource needed to finance the NDC is put at USD142 million between now and 2030.
“The forum is part of a continuing collaboration between the Ministry of Environment and the Ministry of Finance to explore and develop a product that can leverage and channel resources towards viable Green projects.
“Also, it can contribute to the achievement of the nation’s development objectives,’’ Agbarakwe quoted the Minister of Environment, Amina Mohammed.
The special assistant also recalled that in May, the minister was presented with a proposal by the Nigerian Stock Exchange (NSE) in Lagos on the issuance of green bonds in Nigeria.
She also added, “Green bonds have been the subject of increasing government, investor and media interest, and expectations, driven by the prospect of matching large low‑carbon investment requirements with the trillions of dollars in global bond markets held by institutional investors.’’
Agbarakwe said participants at the forum were drawn from Federal Ministries of Finance, Budget and National Planning, Trade and Investment, Nigerian Stock Exchange (NSE), Debt Management Office (DMO), and Central Bank of Nigeria (CBN).
Others, she said were Securities and Exchange Commission (SEC), National Assembly, Africa Finance Corporation, World Bank, UNEP, UNDP, McKingsey and Company, Chapel Hill Denham, Stanbic IBTC, DFID/NIAF and other private sector representatives.
