Lagos State government on Wednesday said it would issue green bonds worth N20 billion to finance infrastructure and climate related projects.
Rabiu Olowo, Lagos State commissioner of finance, disclosed this on Wednesday during the breakout session at the 2-day Ehingbeti summit in Lagos.
He said the state has submitted an application to the Nigeria Exchange (NGX) and that before the end of the year it would be able to deliver it.
“We are issuing N20 billion by the end of the year, we are using it to finance infrastructure projects in the sustainable area. So when we say sustainable projects we mean projects that have impact or influence on the climate, and on the environment.These are the projects that qualify under the green bond,” Olowo said.
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Olowo, commissioner of Finance said that Lagos state Africa’s 5th largest economy and biggest in West Africa will be delivering the green bonds this year during the Ehingbeti Lagos Economic summit.
The Green bond will help us achieve the status of an international trade center and Financial hub.
He said that it will also help reduce the rate of slump development due to rural-urban migration in Lagos .
The Commissioner noted that Lagos State has been successful in issuing bonds in the past 15 years.
Emmanuel Etaderhi, senior Vice President FMDQ, mentioned that regulation is the single most important factor that can make Lagos a financial hub for investors. He mentioned that Lagos needs to have a special status.
