The Nigerian Green Bond Market Development Programme Impact Report

The Nigerian Green Bond Market Development Programme (NGBMDP) aimed to develop a non-sovereign green bond market in Nigeria between 2018 and 2021. The programme successfully facilitated the issuance of 4 corporate green bonds and 2 sovereign green bonds, raising a total of ₦58.51 billion in sovereign issuances and ₦32.83 billion in corporate issuances. Key achievements include the training of over 500 capital market professionals, the development of mandatory Nigeria Green Bond Guidelines by the SEC in December 2018, and the certification of local verifiers such as Rubicola Consulting Limited and Agusto & Co. Limited. The programme also supported the launch of the FMDQ Green Exchange in November 2021 to improve transparency and ESG reporting. Despite these gains, the report notes that the market remains in its infancy, with a heavy reliance on public sector financing and a need for a larger pipeline of bankable green projects.

• The programme significantly expanded market capacity by conducting 15 capacity building sessions and 5 focused trainings, reaching 928 stakeholders and training over 500 capital market professionals.
• Regulatory progress was achieved through the drafting and publication of the mandatory Nigeria Green Bond Guidelines by the Securities and Exchange Commission (SEC) in December 2018.
• The programme established a local pool of licensed verifiers to reduce the cost of green bond labelling, resulting in the approval of Rubicola Consulting Limited and Agusto & Co. Limited as verifiers.
• The FMDQ Green Exchange was launched in November 2021 as an information platform to promote transparency and showcase sustainability-linked capital raising activities aligned with global ESG standards.
• Nigeria faces significant climate risks and energy deficits, with 85 million people (43% of the population) lacking grid electricity, creating a massive opportunity for low-carbon energy investments.

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} }