Nigeria set to launch First African sovereign Green bond to Finance Renewable Energy (Solar)

Renewable energy

The first African sovereign green bond will be launched in December 2017.The bond was created to finance renewable energy projects-with solar inclusive.

The Nigerian President, Muhammadu Buhari said this on Tuesday while presenting the 2018 budget proposal to the National Assembly.

He said that “The bond will be used to finance renewable energy projects. We are very excited about this development as it will go a long way in solving many of our energy challenges, especially in the hinterland,’’

“During the year, we engaged eight international and local companies proposing different technologies for the mandate.”

He said the federal government was working relentlessly to clean up Ogoni Land.

“To enable us to select the best and most suitable technology for the remediation work, we asked each company to conduct Demonstration Clean-up Exercises in the four Local Government Areas of Ogoni Land.

“These demonstrations were recently concluded and the results are being studied by the Governing Council of the Ogoni Clean-up Project.’’

President Buhari said the federal government had made provisions in the 2018 budget for the costs of oversight and governance, to ensure effective implementation and that the project would be partly-funded by Oil companies.

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This will inevitably mean more solar installations and projects being carried out to benefit households and businesses.