The Debt Management Office (DMO) has announced the results of its second Sovereign Green Bond offering for N15 billion where it overshoot the subscription target by 120 percent at the end of the offer. The offer, which opened to the general public on Monday, June 3, 2019 and closed on Monday, June 10, 2019, was preceded by road show meetings with investors and other stakeholders in Lagos and Abuja.
The results of the second Sovereign Green Bond issuance revealed increased knowledge and awareness of the bonds by subscribers, and perhaps also demonstrated a greater level of commitment from the general public towards protecting the environment. Total value of subscriptions received was N32.93bn, representing 220 per cent of the N15bn offered.
Similarly, the number of subscribers doubled when compared to the figure for the first Sovereign Green Bond issued in December 2017. The proceeds of the Green Bond will be used to finance projects in the 2018 Appropriation Act, which will contribute to Nigeria’s commitments to the Paris Agreement on Climate Change. The projects include off-grid solar and wind farm, irrigation, afforestation and reforestation, as well as, ecological restoration.