Nigeria recorded another major milestone as it emerged the first country on the continent, to achieve an in-house in-country dedicated Climate Finance Accelerator initiative in Africa.
To further drive the initiative, a CFA workshop which is a partnership between the United Kingdom and Nigeria, and is geared towards supporting the realisation of the collective ambition laid down in the Paris Agreement on climate change through investment in the Nationally Determined Contributions (NDCs) was hosted in Lagos.
Championed by the Nigeria Stock Exchange (NSE) and supported by the Nigeria Economic Summit Group, NESG it brought together policy makers, project developers and financial experts to collaborate on the financing of individual projects that will help improve the Nationally Determined Contribution to the global green economy.
Giving his opening remarks the Head Shared Services Division of the NSE, Mr Bola Adeeko assured stakeholders that the Exchange was committed to supporting sustainable initiatives in the country.
Mr Adeeko said the NSE was playing its role through the provision of an efficient and liquid market for investors.
Adeeko further stated that by promoting the green bond product and encouraging climate finance activities, the NSE was at the forefront of driving a green economic ecosystem.
The Chairman of the Climate Finance Accelerator Workshop Mr Kyari Bukar lauded stakeholders from the UK Government, Nigerian Ministry of Environment, Private sector participants and other economic actors.
Kyari Bukar said the NESG will continue to drive the advocacy for green finance, as a catalyst to sustainable development in the country.
Special Guest of Honour and Minister of Environment Mr Suleiman Hassan said Nigeria has prepared action plans to guide the implementation of climate change mitigation.
Mr Hassan reiterated the commitment of the Federal Government to the Nationally Determined Contributions to the Paris agreement.
He believed the participation of the private sector at the CFA initiative, will help to facilitate large scale investments in the Nigerian green economy.
The Minister said the Federal Government had issued its first green bond last year and is set to issue another one in 2019, focusing on 5 sectors.
Deputy British High Commissioner in Nigeria Laure Beaufils in her goodwill message, said the UK has invested over 5bn British Pounds on climate finance globally.
Beaufils highlighted that Nigeria has been a key focus in the climate finance program.
She believed bi-lateral relations like UK-Nigeria are key opportunities to leverage and scale financing for the green and sustainable projects.
According to Beaufils Nigeria has a challenge of an annual expenditure of 14bn pounds on small scale generators, with about 80million people not having access to electricity.
It featured a panel session with discussants from the financial services industry, and other sectors of the economy.
The workshop which commenced today will close on Friday the 26th of January, 2019 with a special session at the Securities and Exchange Commission Zonal Office in Lagos, that will have the Minister of Finance Mrs. Zainab Ahmed as special guest of honour.
NB: This article first appeared in Proshare NG Website