The Nigerian Green Bond Market Development Programme Impact Report

The Nigerian Green Bond Market Development Programme (NGBMDP) Impact Report details the efforts of FSD Africa, Climate Bonds Initiative, and FMDQ Group PLC from 2018 to 2021 to establish a non-sovereign green bond market in Nigeria. The programme focused on capacity building, regulatory advisory, and technical support to mobilise private capital for climate-resilient infrastructure.

• The NGBMDP achieved significant financial and capacity milestones between 2018 and 2021, including the issuance of 4 corporate green bonds and the support of 2 sovereign green bond issuances. In total, ߖ58.51 billion was raised through sovereign green bonds and ߖ32.83 billion through corporate green bonds. The programme also trained 928 capital markets beneficiaries through 10 capacity building sessions and 5 focused trainings.
• The programme facilitated the creation of a mandatory regulatory framework for green bonds in Nigeria. Working with the Climate Bonds Initiative, the Securities and Exchange Commission (SEC) published the Nigeria Green Bond Guidelines in December 2018, which are mandatory for all green bonds issued in the Nigerian Capital Market.
• To reduce reliance on expensive foreign firms, the NGBMDP worked to develop a local pool of licensed verifiers. This effort resulted in the approval of Rubicola Consulting Limited and Agusto & Co. Limited as local verifiers.
• The programme provided technical assistance to several private sector entities, leading to landmark issuances. North South Power Company became the first Nigerian corporate to issue a labelled green bond in February 2019, and Access Bank became the first African corporate to issue a Green Bond certified against the Climate Bonds Standard in March 2019.
• In November 2021, the programme supported the launch of the FMDQ Green Exchange, an information platform designed to increase transparency and promote the growth of sustainable finance by showcasing securities issuances aligned with global ESG standards.
• Nigeria faces severe climate vulnerabilities and energy deficits, with 85 million people (43% of the population) lacking grid electricity. The report identifies significant investment opportunities in the transition to a low-carbon economy, particularly in energy (42%), agriculture and forestry (24%), and water (13%).

APA

FSD Africa (n.d.). The Nigerian Green Bond Market Development Programme Impact Report. https://fsdafrica.org/wp-content/uploads/2025/05/Green-Bond-Impact-report-2018-2021.pdf

Chicago

FSD Africa. The Nigerian Green Bond Market Development Programme Impact Report. n.d. https://fsdafrica.org/wp-content/uploads/2025/05/Green-Bond-Impact-report-2018-2021.pdf.

Wikipedia

{{cite report |author=FSD Africa |title=The Nigerian Green Bond Market Development Programme Impact Report |url=https://fsdafrica.org/wp-content/uploads/2025/05/Green-Bond-Impact-report-2018-2021.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{fsdafricandnigerian, author = {{FSD Africa}}, title = {{The Nigerian Green Bond Market Development Programme Impact Report}}, institution = {FSD Africa}, url = {https://fsdafrica.org/wp-content/uploads/2025/05/Green-Bond-Impact-report-2018-2021.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }