By Lukman Olabiyi
Lagos State government, yesterday, signed a Memorandum of Understanding (MoU) with FMDQ and Financial Sector Deepening Africa (FSDafrica), as implementing partners, to raise N125 billion for the Lagos Green Bond Market Development Programme.
Commissioner for Finance, Rabiu Olowo, said the N125 billion green bond would address issues of climate change and environmental challenges.
He said Lagos has over 20 years experience in raising bonds and that it raised N100 billion bond in 2020, being the highest raised at that time.
Chief Executive of FMDQ, Bola Onadele-Koko, said the firm was proud to partner the state towards addressing climate and environmental challenges through the bond.
He said the bond would stimulate economic growth, create jobs and align the Governor Babajide Sanwo-Olu’s THEMES agenda with achieving the Sustainable Development Goals (SDGs) as highlighted by the the United Nations.
Governor Babajide Sanwo-Olu lamented that climate change, though affecting everyone, was expected to hit developing countries the hardest, especially low-lying states as Lagos. He, however, said despite it’s 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’.