State of the Market Report

The Nigerian Green Bond Market Development Programme, a partnership between FMDQ Securities Exchange, Climate Bonds Initiative (CBI), and FSD Africa, aims to develop a corporate green bond market in Nigeria over three years. Since its June 2018 launch, the programme has facilitated capacity building for regulators, investors, and issuers, and supported the creation of the SEC's Green Bond Listing Rules. Key achievements include the issuance of the first CBI-certified corporate green bond in Africa by Access Bank PLC and a long-tenured green infrastructure bond by North South Power. The report emphasizes the need for financial incentives, such as tax credits, to offset the costs of external reviews and to attract private capital to bridge Nigeria's significant infrastructure gap.

• Nigeria faces a substantial sustainable finance gap, requiring an estimated annual investment of up to $92 billion between 2018 and 2030, while actual annual investment was estimated at just over $8 billion.
• The Nigerian Green Bond Market Development Programme has achieved several milestones in its first year, including the development of the Securities and Exchange Commission's (SEC) Green Bond Listing Rules and the delivery of a masterclass for potential licensed verifiers.
• Access Bank PLC issued the first CBI-certified corporate green bond in Africa, raising N15.0 billion with a 5-year tenure and a 15.50% fixed coupon rate to fund energy efficiency, renewable energy, and flood defence.
• North South Power (NSP), via NSP-SPV PowerCorp PLC, issued an N8.5 billion Series 1 Guaranteed Fixed Rate Senior Green Infrastructure Bond with a 15-year tenure, the longest for a corporate bond in the Nigerian debt capital markets.
• The Federal Government of Nigeria (FGN) has issued two series of sovereign green bonds to fund clean transport, sustainable forestry management, and renewable energy, with the first series being the first sovereign green bond globally to be certified under the Climate Bonds Standard.
• To stimulate the market, the report suggests that the FGN, regulators, and the Central Bank of Nigeria should implement financial incentives and tax credits to offset the administrative costs of aligning with Green Bond Principles.
• Nigeria's National Integrated Infrastructure Master Plan estimates a total investment requirement of $3 trillion over 30 years (2014–2043) to address infrastructure gaps across various sectors.

APA

Climate Bonds Initiative (2019). State of the Market Report. https://www.climatebonds.net/files/documents/publications/Nigeria-State-of-the-Market_2025-02-17-163106_jsuv.pdf

Chicago

Climate Bonds Initiative. State of the Market Report. 2019. https://www.climatebonds.net/files/documents/publications/Nigeria-State-of-the-Market_2025-02-17-163106_jsuv.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=State of the Market Report |date=November 2019 |url=https://www.climatebonds.net/files/documents/publications/Nigeria-State-of-the-Market_2025-02-17-163106_jsuv.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2019state, author = {{Climate Bonds Initiative}}, title = {{State of the Market Report}}, institution = {Climate Bonds Initiative}, year = {2019}, month = nov, url = {https://www.climatebonds.net/files/documents/publications/Nigeria-State-of-the-Market_2025-02-17-163106_jsuv.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }