The Lagos State Government and the Implementing Partners of the Nigerian Green Bond Market Development Programme FMDQ Holdings PLC and Financial Sector Deepening Africa signed a Memorandum of Understanding (“MoU”) to facilitate the issuance of the maiden ₦25.00 billion Lagos State Green Bond and other sustainability-linked debt securities towards achieving the global Sustainable Development Goals (“SDGs”).
The Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu, stated, “I strongly believe that the Green Bond Programme will open the doors of deep sustainable funds for infrastructure and social development for Lagos State, being the biggest player in the sub-national capital markets, and therefore open new doors overall for lots of others.
As a State, we embrace the transparency and commitment that comes with a Green Finance Framework. We believe it sends an important signal to investors in the market about who we are – a state that is fiscally responsible, prudent and disciplined. It is our intention to continue to validate this reality, as well as our commitment to building a Greater, Circular, Climate-resilient and Prosperous Lagos State which is unwavering”.
Mr. Bola Onadele. Koko, in his remarks at the signing ceremony stated, “FMDQ Group is proud and honored to be part of this momentous signing ceremony. The dynamism of Lagos State as a hub for commerce/financial market activities and the State’s incredible potential for catalysing broad-based sustainable development call for the need to unlock and attract capital to fund key projects in the State.”
Also, another of the Implementing Partners to the Programme, FSD Africa, represented by the Chief Executive Officer, Mr. Mark Napier, commented, “FSD Africa is pleased to offer its support to Lagos State as it moves towards issuing its first green bond. This demonstrates excellent leadership by Lagos State, and we hope that other sub-national entities will consider following Lagos State on this journey. Cities magnify aspects of climate change, including heat, flooding and sea level rise in coastal cities. Low carbon, climate resilient urban development, offer significant benefits and an opportunity for accelerated growth for Lagos State”.