Nigeria to launch first African Sovereign Green Bond, says Buhari

Solar Panel [Photo Credit: SlashGear]

President Muhammadu Buhari has said the federal government will launch the first African Sovereign Green Bond in December 2017, to finance renewable energy projects.

Mr. Buhari said this in Abuja on Tuesday while presenting the 2018 budget proposal to the National Assembly.

“I am pleased to inform this distinguished assembly that the Federal Government will be launching the first African Sovereign Green Bond in December 2017.

“The bond will be used to finance renewable energy projects. We are very excited about this development as it will go a long way in solving many of our energy challenges, especially in the hinterland,’’ the president said.

He said the federal government was working hard on the Ogoni Clean-up Project.

“During the year, we engaged eight international and local companies proposing different technologies for the mandate.

“To enable us select the best and most suitable technology for the remediation work, we asked each company to conduct Demonstration Clean-up Exercises in the four Local Government Areas of Ogoni Land.

“These demonstrations were recently concluded and the results are being studied by the Governing Council of the Ogoni Clean-up Project.’’

Mr. Buhari, who said the project would be funded by the International Oil Companies, said the federal government had made provisions in the 2018 budget for the costs of oversight and governance, to ensure effective implementation.


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: To place a text-based advert here. Call Willie - +2347088095401

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.