FMDQ Group, FSD sign MoU with Lagos to facilitate maiden Green Bond Issuance



Nigerian Green Bond market development Programme, financial Sector Deepening (FSD) Africa has signed a memorandum of understanding (MoU) to facilitate the issuance of the maiden N25 billion Lagos State Green Bond and other sustainability-linked debt securities towards achieving the global Sustainable Development Goals (“SDGs”).

Speaking at the signing ceremony, the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu, said, “I strongly believe that the Green Bond Programme will open the doors of deep sustainable funds for infrastructure and social development for Lagos State, being the biggest player in the sub-national capital markets, and therefore open new doors overall for lots of others. As a State, we embrace the transparency and commitment that comes with a Green Finance Framework. We believe it sends an important signal to investors in the market about who we are – a state that is fiscally responsible, prudent and disciplined. It is our intention to continue to validate this reality, as well as our commitment to building a Greater, Circular, Climate-resilient and Prosperous Lagos State which is unwavering”.

In his remarks at the signing ceremony, Chief Executive Officer FMDQ Group, Mr. Bola Onadele. Koko, said

“FMDQ Group is proud and honored to be part of this momentous signing ceremony. The dynamism of Lagos State as a hub for commerce/financial market activities and the State’s incredible potential for catalysing broad-based sustainable development call for the need to unlock and attract capital to fund key projects in the State.”

Onadele further said that “this will stimulate economic growth, enhance job creation, and align the State’s THEMES (Traffic Management and Transportation, Health and Environment, Education and Technology, Entertainment and Tourism, as well as Security and Governance) Agenda towards transitioning Lagos State to a greener and more sustainable economy in line with the United Nations SDGs. This iconic MoU signing is timely and FMDQ Group, as the local partner to the NGBMDP and an agent of change, empowering markets for economic progress towards delivering prosperity, is excited about this opportunity to support the developmental aspirations of Lagos State”.

the Implementing Partners to the Programme, FSD Africa, represented by the Chief Executive Officer, Mr. Mark Napier, said “FSD Africa is pleased to offer its support to Lagos State as it moves towards issuing its first green bond. This demonstrates excellent leadership by Lagos State, and we hope that other sub-national entities will consider following Lagos State on this journey. Cities magnify aspects of climate change, including heat, flooding and sea level rise in coastal cities. Low carbon, climate resilient urban development, offer significant benefits and an opportunity for accelerated growth for Lagos State”.