- At a Lagos workshop, Dr Emomotimi Agama urges stakeholders to leverage sustainable finance for Nigeria’s green economy.
- The SEC has supported green bonds, including Nigeria’s first sovereign green bond and additional issuances to fund various projects.
- Climate Transition Limited’s Mr Olumide Lala highlights the urgent need for climate-efficient investments and better governance to address climate change risks.
Dr Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), has called for stakeholders to embrace sustainable finance to build Nigeria’s green, climate-resilient economy. He made these remarks at a Green Finance capacity-building workshop in Lagos, urging participants to leverage sustainable finance’s potential for economic growth and environmental stewardship.
The African Development Bank Group organised the workshop, funded by the Capital Market Development Trust Fund (CMDTF). This initiative aims to enhance the capabilities of capital market operators in green finance and integrate it into Nigeria’s economic framework.
SEC Executive Commissioner Operations Mr. Bola Ajomale represented Agama and highlighted the Commission’s commitment to advancing sustainable finance. He noted Nigeria’s pioneering efforts with green bonds, from issuing the first sovereign green bond in December 2017. The government followed up with an additional N15 billion issuance in June 2019 to fund renewable energy, afforestation, and transportation projects.
The SEC also approved green bond issues from North South Power Services Ltd and Access Bank Plc, which are valued at N8.56 billion and N15 billion, respectively. These bonds support infrastructure projects in power, water, and agriculture. Agama emphasised the importance of expanding green bond issuances to address sectoral needs and drive sustainable development.
The SEC will continue to provide policy advice, capacity building, and regulatory support to promote a green economy. Agama pointed out that the workshop offers a valuable platform for stakeholders to discuss Green Finance and collaborate on climate change and sustainability issues.
He referenced the United Nations Environment Program’s definition of a green economy, emphasising low carbon emissions, resource efficiency, and social inclusivity. Agama stressed the urgency of addressing climate change, citing record temperatures and increased natural disasters as evidence of the need for green finance.
Mr. Olumide Lala, Executive Director of Climate Transition Limited, supported Agama’s call for action. Lala described climate change as an immediate threat to Nigeria’s development and argued that transitioning to a green economy is essential. He urged stakeholders to invest in climate-efficient assets and adapt financial practices to support sustainable development.
Lala also highlighted the broader impacts of climate change, such as threats to food security and national stability. He emphasised the need to transform climate-related risks into opportunities through better governance and market education on green finance.
Agama and Lala pointed to a global shift towards sustainable finance, aligning with broader economic and environmental goals. Their remarks underscore the critical role of sustainable finance in Nigeria’s future, contributing to economic growth and environmental protection.
The SEC’s initiative and the workshop reflect a concerted effort to advance green finance in Nigeria, equipping stakeholders with the tools and knowledge necessary to foster a more sustainable and resilient economy. The focus on green finance is set to drive significant progress in addressing climate change challenges while creating economic opportunities.