Nigeria's Debt Management Office launched its third sovereign green bond in June 2025, offering NGN 50 billion through an instrument carrying a five-year tenor; the offer drew NGN 91.42 billion of subscriptions and NGN 47.355 billion was allotted at a coupon of 18.95%. The subscription window ran from 16 to 18 June 2025, and proceeds are designated for a range of climate and environmental projects including climate change adaptation and mitigation, compressed natural gas clean transportation, earth dams and water supply projects.
The issuance builds on a sovereign green bond programme that Nigeria first launched in 2017, when it became the first country in Africa to issue a sovereign instrument of this kind. The programme is run by the Federal Ministry of Environment's Green Bond Secretariat with the DMO as issuer.
EARLIER SERIES
Series 1 raised NGN 10.69 billion and Series 2 raised NGN 15 billion, meaning the first two rounds together generated a combined NGN 26 billion — roughly half of what the third series targets in isolation.
According to the DMO, 95.44% of the proceeds of the 2019 Series 2 bond (NGN 14.316 billion) had been utilised as of March 2025.
USE OF PROCEEDS
According to the DMO, NGN 15.96 billion of the proceeds is allocated to the Federal Ministry of Environment for climate change adaptation and mitigation, NGN 15 billion to the Presidential CNG Initiative's clean energy transition programme, and about NGN 16.4 billion to earth dams and water supply projects. Compressed natural gas clean transportation is also listed as a target sector.
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