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Nigeria is first African nation to issue sovereign green bond

The Federal Government of Nigeria Friday issued its pioneer Sovereign Green Bond worth N10.69 billion

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The Federal Government of Nigeria Friday issued its pioneer Sovereign Green Bond worth N10.69 billion.

This makes the country the first African nation to issue a sovereign green bond, and the fourth nation in the world after Poland, France and Fiji.

The bond was listed on the Financial Markets Dealers Quotations over-the-counter (FMDQ) securities exchange and the Nigerian Stock Exchange (NSE).

According to FMDQ, the Sovereign has set a pace for the nation to tap into the huge potential of green finance.

Green bonds are fixed income, liquid financial instruments issued in partnership with the Federal Ministry of Environment to raise funds towards financing climate mitigation, adaptation and other environment-friendly projects.

Read Also: Ghana raises clean energy capacity by 40%, as gas flows at Sankofa

The Debt Management Office (DMO), which performed the listings on behalf of the Nigerian government, noted that the bond would be issued at 13.48 percent fixed rate with a tenure till December 22, 2022.

In his keynote address, the Minister of State for Environment, Mallam Ibrahim Jibril, said:

“The Green Bond provides an innovative funding scheme for the FG to address environmental issues in the country.”

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African leaders want more efforts to promote regional industrilisation

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Leaders across the continent of Africa at a recent meeting in Niger’s capital Niamey have called for a doubling of efforts to promote industrialization in the region.

The call came during an Extraordinary Summit on Industrialization and Economic Diversification in the Central African country.

Some of the leaders present were, Nigeria’s Muhammadu Buhari, Rwanda’s Paul Kagame, and Zimbabwe’s Emmerson Mnangagwa.

The leaders noted sectors critical to industrialisation like agriculture, agro-industry, health, education, infrastructure, and especially energy, and urged increased private sector participation in the space.

The summit later held a discussion on trade with a focus on the African Continental Free Trade Area (AfCFTA).

Africa is the world’s least industrialized, the continent commemorates Africa Industrialization Day every November.

The African Development Bank Group, in its November 2022 index posits that industrialisation is central to Africa’s development prospects. With its young labour force, abundant natural resources, and fast-growing internal markets. Africa has the potential to become the next global frontier for industrial development.

 

 

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Ivory Coast aims regional shipping hub, completes $953 million container terminal

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West African country, Ivory Coast is making waves at becoming a regional shipping hub as it has completed construction of a second container terminal at its main port in Abidjan.

The project, financed by China’s Eximbank by 85% and 15% by the Ivorian state costs about 596 billion CFA francs ($953 million).

The new container terminal, called Cote d’Ivoire Terminal (CIT), started operations on Nov. 1 but was officially unveiled at a press conference on Friday. It is able to receive large ships from Asia, Europe, and America that previously had to land goods in South Africa, transferring them to smaller ships to reach West Africa.

The technical director of the terminal Andre N’Doli, remarked “we are no longer a second port. We are becoming a hub,”

“In addition to national traffic, we will handle traffic from other ports that cannot accommodate large vessels,” he told reporters.

According to official data, there has been growth in recent years in the country’s maritime sector. Ivory Coast shipped goods worth USD 12,717 million in 2019, an -8.5% dip as compared to the previous year.

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