Tuesday, September 14, 2021, witnessed a landmark event in the Nigerian capital markets, in a signing ceremony to commemorate the execution of a Memorandum of Understanding (“MoU”) between the Lagos State Government (“Lagos State”) and the Implementing Partners of the Nigerian Green Bond Market Development Programme (“NGBMDP” or the “Programme”) – FMDQ Holdings PLC (“FMDQ Group”) and Financial Sector Deepening (“FSD”) Africa – to facilitate the issuance of the maiden ₦25.00 billion Lagos State Green Bond and other sustainability-linked debt securities towards achieving the global Sustainable Development Goals (“SDGs”).

Among those present at the remarkable signing ceremony held at the Lagos State House, Marina, Lagos, were the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu, Commissioner of Finance, Lagos State, Dr Rabiu Onaolapo  Olowo, Special Adviser, Office of Sustainable Development Goals & Investment, Lagos State, Mrs. Solape Hammond, and other members of the Lagos State Executive Council; as well as representatives of the NGBMDP Implementing Partners including Mr. Bola Onadele. Koko, Chief Executive Officer, FMDQ Group and Mr. Mark Napier, Chief Executive Officer, FSD Africa.

Speaking at the signing ceremony, the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu, stated, “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”.

Mr. Bola Onadele. Koko, in his remarks at the signing ceremony stated, “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.”

Mr. Onadele further highlighted, “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”.

Furthermore, another of the Implementing Partners to the Programme, FSD Africa, represented by the Chief Executive Officer, Mr. Mark Napier, commented, “FSD Africa is pleased to offer its support to Lagos State as it moves towards issuing its first green bond.

Ayomide Oyewole

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