Nigeria to issue green bond next week to raise funds for environmental projects
Lagos/Abuja — Nigeria, Africa’s biggest oil producer, is set to become the first country on the continent to issue a security that raises funds for environmental projects, when it launches its green bond on December 18. The government plans to sell 10.7-billion naira ($30m) and the offer is billed to close on December 20, said Lanre Buluro, director of sales at Chapel Hill Denham, the financial adviser for the issuance. The offer, which will be listed on the Nigeria Stock Exchange, is the first tranche of a 150-billion naira programme, Moody’s Investors Service said in a statement. Nigeria plans to use the bond to finance projects in its 2017 budget including renewable-energy micro-utilities and forestation programmes, the Debt Management Office said on Wednesday in an e-mailed statement. A road show for prospective investors was planned in the capital, Abuja, for Thursday and in the commercial hub of Lagos on Friday, it said. The pricing would reflect secondary market rates, DMO di...
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