Connect with us

VenturesNow

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

Published

on

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.”

VenturesNow

Nigeria has received $10.9 billion multi-sector investments from AfDB— Official

Published

on

Nigeria has received $10.9 billion from the African Development Bank (AfDB), comprising $4.9 billion in public and private sector initiatives.

AfDB Director-General of the West Africa Region, Lamin Barrow, said the bank’s Nigeria funding approvals total $10.9 billion since it started operations.

Barrow made the revelation at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths in Agriculture in Abuja on Monday.

It was part of the bank’s 60th anniversary celebrations with stakeholders. Nigeria is the AfDB’s largest shareholder, and the bank’s relationship with it has grown, Barrow said.

The AfDB invests in Nigeria’s energy, power, transport, water, and sanitation infrastructure.

“Over the last 60 years, the Bank has grown into a trusted partner and the continent’s premier development financial institution.

“Our cooperation with Nigeria has expanded over the years, especially considering that Nigeria is the largest shareholder.

“Since it started operations in the country, cumulative financing approvals have reached 10.9 billion dollars and our portfolio currently stands at 4.9 billion dollars supporting projects in the public and private sectors,” he said.

After taking office eight years ago, AfDB President Dr Akinwumi Adesina prioritized the High 5—Power, Feed, Industrialize, Integrate, and Improve Africa’s quality of life—Barrow added. He said these were accelerators for achieving the SDGs and Agenda 2063 ambitions. The projects and programs supported during this time have reportedly affected over 400 million individuals.

Continue Reading

VenturesNow

Analysts expect Egypt’s economy to rise 4.0% in 2024/25

Published

on

A recent study that sampled seventeen economists by Reuters has predicted slower economic growth for Egypt in April after a $8 billion IMF accord in March.

The median projection for GDP growth in the fiscal year starting July 1 was 4%, down from 4.35% in April and 4.15% in January.

The poll predicted the GDP grew 2.9% in the fiscal year ending June 30. This is below their April and January predictions of 3% and 3.5%. Poll: 2025/26 growth should rise to 4.99%.

After the IMF agreement, Capital Economics’ James Swanston predicted slower growth due to tighter fiscal and monetary policies and a weaker pound.

“The overall net impact is that economic growth will be weaker this fiscal year, but there are reasons to be more optimistic on GDP growth from FY2025/26 onward,” Swanston said.

Egyptian tourism and Suez Canal revenue have slowed due to the Gaza crisis, which has cut Egypt’s foreign revenue by more than half.

Egypt’s planning ministry predicted 4.2% growth in 2024/25 on June 2. Analysts expect the Egyptian pound to fall to 49.50 per dollar by June 2025 and 52.50 by June 2026.

Before dropping it in March 2024, the central bank kept the pound at 30.85 per dollar. It’s roughly 48.40 per dollar.

The survey forecast 20.5% headline inflation in 2024/25 and 12.05% in 2025/26. In June, inflation dropped to 27.5% from a record high of 38.0% in September, exceeding the central bank’s objective of 5%-9%.

The analysts expect the central bank’s overnight lending rate to drop to 21.25% by June 2025 and 15.25% by June 2026.

Foreign money shortages have slowed the Egyptian economy. However, a $24 billion real estate transaction with the UAE in late February, a significant currency devaluation, and a $8 billion IMF accord in early March have mitigated that.

Continue Reading

EDITOR’S PICK

Culture15 hours ago

Veteran Nigerian entertainer Charly Boy vows to divorce wife if Kamala Harris doesn’t win US presidential election

Veteran Nigerian entertainer, Charles Oputa, popularly known as Charly Boy, has vowed to divorce his wife of 47 years if...

Victor Osimhen scored his first hat-trick for Napoli (Photo Credit: Getty Images) Victor Osimhen scored his first hat-trick for Napoli (Photo Credit: Getty Images)
Sports15 hours ago

Saudi club Al Hilal places African transfer record bid for Osimhen

Saudi Arabia club side, Al-Hilal, have reportedly made an African transfer record bid for Super Eagles and Napoli striker, Victor...

Metro22 hours ago

Shelve your planned protest, I’m addressing your grievances, Tinubu begs Nigerian youths

President Bola Tinubu has called on aggrieved Nigerian youths and organizers of the planned nationwide #EndBadGovernance protests on August 1...

Politics1 day ago

Sierra Leone imprisons 11 military, police officers over coup attempt

Sierra Leone’s high court has sentenced 11 soldiers and police officers to hefty prison terms for their alleged roles in...

Musings From Abroad1 day ago

RSF to join as US invites Sudan’s warring parties for talks

US Secretary of State, Antony Blinken, announced Tuesday that the Sudanese army and Rapid Support Forces will participate in U.S.-mediated...

Metro2 days ago

Zambia: PF lawmaker Chitotela sentenced to 10 years in prison

A Member of Parliament in Zambia, Ronald Chitotela, has been sentenced to 10 years imprisonment after he was found guilty...

Culture2 days ago

19th edition of Egyptian Book Fair attracts summer visitors to Alexandria

The 19th edition of the Egyptian Book Fair currently holding in the coastal city of Alexandria has seen thousands of...

Victor Osimhen is back with a bang (Photo Credit: Napoli FC) Victor Osimhen is back with a bang (Photo Credit: Napoli FC)
Sports2 days ago

PSG reportedly pulls out of signing Victor Osimhen as negotiations break down

French Ligue 1 giants, Paris Saint-Germain, have reportedly pulled out of signing Nigerian and Napoli striker, Victor Osimhen, after negotiations...

Tech2 days ago

New documentary showcasing stories of African women leaders released

A new documentary aimed at showcasing the stories of women entrepreneurs, industry leaders and investors working to solve real problems...

Metro2 days ago

Despite high cost, Nigerians flock to Canada as permanent residency approvals reach 15-month high

A report by the Immigration and Refugee Board (IRB) of Canada has revealed that despite the expensive cost of processing...

Trending