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Harmattan: Veterinarian advocates insulation of poultry farms

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A veterinarian, Dr Mutiu Oladele-Bukola of the Institute of Agricultural Research and Training (IAR&T), Ibadan, on Tuesday, December 19, 2017 urged poultry farmers to protect their birds against the vagaries of weather during harmattan.

Poultry-farming
Poultry farming

Oladele-Bukola gave the advice in an interview with News Agency of Nigeria (NAN) in Ibadan, Oyo State.

He said that the harmattan season, which occurred between the end of November and mid-March, could be cold in most places and hot in some places, depending on the circumstances.

He said that harmattan wind was considered a natural hazard because during its passage, the wind picked up dust particles and could push large quantities of sand, provoking the spread of wind-borne diseases for thousands of kilometres.

“During this period, chicken easily come down with all sorts of pulmonary (lung) diseases, which really compromise the respiratory processes and eventually hamper poultry performance.

“The best prophylactic measure that could be taken against the adverse effects of the cold, dry and dust-laden wind was to optimise the thermal micro-environment and ventilation by insulating the poultry house.

“Early in the morning and late at night, temperatures always drop and induce cold; therefore, poultry houses (pens) should be well-covered.

“Then, farmers should serve large quantities of more energetic feeds to chickens to generate heat, while in the afternoon, which is assumed to be hot, little or no feeds should be served.

“However, cold water, containing a lot of anti-stress agents (vitamins), should be made available to the chickens, as they serve to cool the body temperatures of the birds,” he said.

The veterinarian also underscored the need to plant highly shady trees around the pen, so as to serve as windbreaks and prevent direct heat on the pen.

He said that carpet grasses could also be planted round the pen to prevent wind from blowing dust and heat from oozing out of the ground.

Oladele-Bukola urged farmers to always provide shade for water tanks to avoid direct exposure to sunrays and increase the number of chicken waterers to enable all the birds to have access to water.

“Sprinklers could be used during afternoon to shower the rooftop, while providing foggers and fans inside the pen as coolants.

“Dusty nets should be cleaned using wet rags or foams; ice blocks could be provided in the water tanks for the birds to have access to cool water, especially in the hot afternoon,” he said.

He, however, called on the government to create farm settlements that would supply all the necessary facilities to poultry houses at affordable rates.

Oladele-Bukola said that all the poultry farm inputs should be provided to farmers at subsidised rates.

He said that the government should also encourage poultry farmers to form cooperative societies or join the Poultry Farmers Association of Nigeria in their neighbourhoods so as to facilitate exchange of ideas on best poultry practices.

He said that the cooperative societies would aid the government’s efforts to have access to the poultry farmers whenever the need arose.

“Government should create various farmers markets to enable farmers to display their products.

“It can also buy produce from farmers at normal price during the time of glut for preservation and eventual sales to the public at subsidised rates during the periods of scarcity,” he added.

By Chidinma Ewunonu-Aluko

Plateau privatises waste management

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The Plateau State Government has approved the privatisation and commercialisation of waste collection and management in Jos-Bukuru metropolis.

Simon Lalong
Plateau State governor, Simon Lalong

Mr Abdullahi Abbas, Plateau’s Commissioner for Environment and Mineral Development, disclosed this to newsmen on Tuesday, December 19, 2017 in Jos, the state capital.

Abbas explained that the government’s decision was to allow citizens’ participation in environmental cleanliness and health promotion.

“The programme will give citizens a voice in environmental cleanliness and health.‎

“Government will be engaging reputable private waste collectors to collect refuse from all waste points in the Jos-Bukuru metropolis,” he said.

The commissioner said that the refuse collectors would collect the refuse and discharge same at designated dumping points at a monthly fee to be paid by the residents.

“The private waste collectors will commence the evacuation of waste in the metropolis from January, 2018,’’ he added.‎

Abbas further disclosed that the metropolis would be carved into zones and ‎assigned to different private operators for efficient and effective operations.

He said that the programme would be extended to the 17 Local Government Areas in no distant time.

By Blessing Odega

Schools shut in Tehran due to alarming air pollution

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Kindergartens, schools and high schools in Iran’s capital Tehran will remain closed for a third consecutive day on Wednesday due to heavy air pollution, local media reported on Tuesday, December 19, 2017.

Tehran
Air pollution blankets the skyline of Tehran

Local media reported that Tehran Province’s Air Pollution Exigency Committee decided in a meeting on Tuesday to keep kindergartens, primary schools and high schools shut for another day on Wednesday.

The air pollution in Tehran, with over 12 million population, is more than three times the level considered safe.

The committee also extended restrictions on the movement of cars in Tehran, and people were advised not to participate in group exercises in parks and green spaces.

Officials said the pollution was expected to stay above Tehran until Dec. 22 when winds are expected to move the stagnant air.

“Low-speed wind, which has been forecast for the next few days, is not strong enough to clear the capital’s sky and air pollution will most probably continue to shroud the city,” Mohammad Rastegari, deputy for environmental monitoring at the Department of Environment, was quoted as saying by Financial Tribune daily as saying.

Other metropolises including Karaj, Isfahan, Tabriz, Arak and Urmieh also experienced poor air quality this week that reached its critical level on Monday.

Schools in Tabriz and Urmieh were also closed due to poor air quality.

In the past years, Iran’s government and parliament made several efforts to solve Tehran’s air pollution, including imposing restrictions on the city’s traffic flow, passing measures urging safer fuel and replacing old, inefficient cars with new ones.

Benue farmers to get fertiliser early in 2018 cropping season

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The Director of Agricultural Services, Benue State Ministry of Agriculture, Mr Thomas Unongo, has assured farmers in the state of early supply of fertiliser during the 2018 cropping season.

Benue farming
Participants at the meeting

He gave the assurance in Makurdi on Tuesday, December 19, 2017 when he spoke at the meeting of Agricultural Vision Group and Agricultural Innovative Group, organised by Synergos Nigeria.

Unongo said that the state government was making concerted efforts to provide fertiliser to farmers before April 2018.

He said that the fertiliser blending plant in the state had commenced operations, adding that the government had also partnered with other fertiliser companies to supply the input to farmers.

Unongo, however, encouraged farmers to make use of organic manure, which abounded in the state, to boost agricultural production.

He stressed that the organic manure also had the capacity of making crops to thrive and yield bountiful harvests.

Also speaking, Mr Saa-Aondo Anom of Paradiso Farms advised farmers to insure their farms in order to enable them obtain compensation in the event of natural disasters.

Mrs Maureen Kajo, an official of Federal Ministry of Agriculture, urged Synergos to sensitise rural farmers to the ideals of nutrition-sensitive agriculture to enable them to eat balanced diets.

Mrs Ngizan Chahul, the President of Women in Agriculture, called on the Federal Government to establish agro-based industries in all the six-geo-political zones of the country to encourage people to venture into agriculture.

Chahul said that the proposed industries should be established in line with the specific crops in which each geo-political zone had a comparative advantage.

Mr Lucky Izobo, the Director of Research, Statistics and Planning, Benue Ministry of Agriculture, urged farmers to be more innovative in their efforts to boost agricultural production.

Mr Zaki Igyo-Ali of Igyo-Ali Farms said that some modalities had been introduced to make mango one of the major export crops of the state.

By Damian Daga and Nicholas Dechi

Government inaugurates committee on commercialisation of anti-retroviral drug

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The Minister of Science and Technology, Dr Ogbonnaya Onu, on Tuesday, December 19, 2017 in Abuja, inaugurated a 12-man Technical Committee on Commercialisation of made-in-Nigeria anti-retroviral medicine.

Dr-Ogbonnaya-Onu
Dr. Ogbonnaya Onu, Minister of Science and Technology

Onu directed the committee to examine the locally-produced Medicinal Synthetic Aluminum-Magnesium Silicate (MSAMS) developed by Prof. Maduike Ezeibe, from Michael Okpara University of Agriculture, Umudike, and recommend appropriate strategy to facilitate its commercialisation.

He said that the committee was expected to examine any other related issues and make recommendations that could assist government in taking appropriate decision on the matter.

“Ezeibe wrote to the ministry, stating that he discovered a cure for the treatment of HIV using a product called Medical Synthetic Aluminium Magnesium Silicate (MSAMS).

“He further requested for financial support for commercialisation of the product,“ the minister said.

Onu said that the ministry requested Ezeibe to provide details on the scientific publications in recognised journals and four patents obtained from the research findings.

Earlier, the professor said MSAMS could be used to treat patients at the two stages of HIV infection.

He said that a synergy between MSAMS Nano-particles antiviral effects and CD4s would cure HIV-positive and HIV and AIDS stages of the infection.

He said that HIV and AIDS had become a major health challenge in most developing countries of the world.

“Pandemic is more in Nigeria, India and South-Africa.

“Manifestations of the disease include symptoms, HIV antibodies in blood, shortage of CD4-lymphocytes in blood (lymphopenia) and presence  of copies of the Viral RNA in blood (Viral load) among others,“ he said.

By Gabriel Agbeja

Lagos restates zero tolerance for fraud in real estate sector

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The Lagos State Government on Tuesday, December 19, 2017 restated its commitment to stamp out fraudulent practices in real estate transactions in the state.

Gbolahan Lawal
Lagos State Commissioner for Housing, Mr Gbolahan Lawal

Commissioner for Housing, Mr Gbolahan Lawal, made the assertion at the second edition of the 2017 Stakeholders’ Forum in Alausa, Ikeja, the seat of power.

Theme of the forum is: “Prevalence of Fraudulent Practices in Real Estate Transaction in Lagos State.’’
Lawal said that there had been series of complaints by aggrieved Lagosians who had been defrauded by some “unscrupulous” estate agents.

According to him, this is totally unacceptable.

“What we currently see in the real estate sector is that we get complaints from innocent Lagosians that have been duped, that is basically the essence of this forum.

“We have had one in August, and we want to ensure that we have two in a year where we can educate our real estate developers and agents.

“This is to enable them to fish out the fraudulent ones among them who are showcasing them in bad light.

“There will be penalties for any erring agent. It is a criminal offence and anyone found wanting will be made to face the full wrath of the law,” he said.

Lawal reiterated that the state government was poised to ensure that the three million housing deficit in the state was curbed.

“Starting with the ability to pay, that is the affordability of our citizenry to pay for houses.

“You know as a state, we are presently in about 21 sites, where we are coming up with different units.

“The total units we have from these sites are 5,320. But, we have also earmarked 4,355 for out rental policy.

“The housing deficit that exists in Lagos is three million, for Lagos State Government alone to bridge that gap, is almost impossible.

“So, we will need the support of the private sector to partner with the state to reduce the existing deficit,’’ he said.

According to him, this led us to Lagos Affordable Housing Policy where we have a target of producing minimum of 20,000 units in the next four years.

“We have signed agreement with four developers; we have approval for seven developers; of the four, three developers are already on site; that’s what we have done on the supply side of the matter.

“On the demand side, we have the rent-to-own policy, where applicants will have to pay five per cent commitment fee and do a monthly payment over 10 years, while staying in the apartment,” he said.

By Folasade Adeniran

We’ll no longer finance upstream oil and gas, says World Bank

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At the One Planet Summit convened recently in Paris by President Emmanuel Macron of France, United Nations Secretary General Antonio Guterres, and World Bank Group President Jim Yong Kim, the World Bank Group made a number of new announcements, inclusive is the fact that it will no longer finance upstream oil and gas, after 2019.

jim-yong-kim
World Bank Group President, Jim Yong Kim

The group stated however that, in exceptional circumstances, consideration will be given to financing upstream gas in the poorest countries where there is a clear benefit in terms of energy access for the poor and the project fits within the countries’ Paris Agreement commitments.

According to the World Bank, the declarations were made in line with its ongoing support to developing countries for the effective implementation of the Paris Agreement’s goals.

As a global multilateral development institution, the World Bank Group (WBG) says it is continuing to transform its own operations in recognition of a rapidly changing world, and to align its support to countries to meet their Paris goals.

 

Ramping up WBG climate ambition through its Climate Change Action Plan

The WBG says it is on track to meet its target of 28% of its lending going to climate action by 2020 and to meeting the goals of its Climate Change Action Plan – developed following the Paris Agreement.

In line with countries submitting updated and potentially more ambitious Nationally Determined Contributions (NDCs), the World Bank Group notes that it will present a stock-take of its Climate Change Action Plan and announce new commitments and targets beyond 2020 at COP24 in Poland in 2018.

 

Transparency and disclosure to drive our own decarbonisation

The World Bank Group is working hard to ensure that climate accountability is mainstreamed throughout its operations. In addition to measures already in place:

  • Starting next year, the World Bank Group will report greenhouse gas emissions from the investment projects it finances in key emissions-producing sectors, such as energy. The results will be published in late 2018, and annually thereafter.
  • The World Bank will be applying a shadow price on carbon in the economic analysis of all IBRD/IDA projects in key high-emitting sectors where design has begun since July 2017. IFC started using carbon pricing in key sectors in January 2017 and will mainstream the same starting January 2018.

 

Mobilising Finance for transformation in mitigation and climate resilience

To accelerate the mobilisation of finance:

  • IFC will invest up to $325 million in the Green Cornerstone Bond Fund, a partnership with Amundi, to create the largest ever green-bond fund dedicated to emerging markets. This is a $2 billion initiative aiming to deepen local capital markets, and expand and unlock private funding for climate-related projects.  The fund is already subscribed at over $1 billion.
  • Last week, the World Bank and the Government of Egypt signed a $1.15 billion development policy loan aimed at reducing fossil fuel subsidies and creating the environment for low-carbon energy development.
  • The World Bank Group will continue to support investments highlighted at the One Planet Summit which demonstrate opportunities to crowd in different kinds of finance in transformational areas. This includes accelerating energy efficiency in India; scaling up solar energy in Ethiopia, Pakistan and Senegal among other countries; establishing a West Africa Coastal Areas investment platform to build resilience for coastlines of West African countries (partnering with WAEMU, NDF, GEF, GFDRR, AFD, AfDB); and introducing the City Resilience Platform (partnering with the Global Covenant of Mayors) so that up to 500 cities will have access to finance for resilience to climate change.
  • The World Bank Group will continue to work with the United Nations and other partners on the implementation of the Invest4Climate platform, which will systematically crowd in multiple sources of finance, with a major event showcasing investment opportunities planned for May 2018 at the Innovate4Climate conference in Frankfurt.
  • IFC will work to set a single unifying global standard on green bonds, similar to the Equator Principles, as a means to facilitate the development of the green bond market to crowd in private finance into climate business. And to stimulate the greening of the financial sector, the World Bank Group will partner with the Sustainable Banking Network (SBN) to provide technical support to develop and implement national Roadmaps for Sustainable Finance in six countries. These roadmaps are based on a framework developed jointly with UN Environment.
  • AXA Managed Co-Lending Portfolio Program (MCPP) will allocate a substantial portion of projects to climate-smart infrastructure investments.  IFC and Finland launched the Finland-IFC Climate Change Programme, a €114 million returnable capital contribution to spur private sector financing for climate-change solutions,targeting low-income countries focused on investments in renewable energy, energy efficiency, green buildings, climate-smart agriculture, and forestry.

 

Working in partnership

To further accelerate climate action, the World Bank Group will be working with various partners to deepen climate action:

  • For the first time, all the Multilateral Development Banks and all International Development Finance Club Members issued a joint statement aligning their finance with the Paris Agreement and identifying areas where they will work together to advance climate-smart development.
  • Canada and the World Bank will work together to accelerate the energy transition in developing countries and, together with the International Trade Union Confederation, will provide analysis to support efforts towards a just transition away from coal.
  • Working with France’s AFD and the Kingdom of Morocco, the World Bank will work to accelerate adaptation in agriculture for Africa.
  • The World Bank will support a unique partnership between Caribbean leaders and people, multilateral organisations, and local and international private sector to define a vision for the world’s first climate-smart zone. The key priority areas for action include renewable energy, resilient infrastructure, innovative financing, and capacity building.
  • The World Bank Group will support, through the Carbon Pricing Leadership Coalition, the proposed Carbon Markets of the Americas initiative.
  • Together with Ethiopia, Fiji, Germany, the United Kingdom and other government, NGO and private sector partners so far, the World Bank will support the new InsuResilience Global Partnership with the goal  of significantly scaling up climate risk finance and insurance solutions in developing countries, with a focus on poor and vulnerable people. It will stimulate the creation of effective climate risk insurance markets and the smart use of insurance-related schemes to protect lives and livelihoods from the impacts of disasters. More than $125 million has been committed to the initiative so far. It is built on strong G20 and V20 support and has 40 members so far.
  • The Principles on Blended Concessional Finance, first published in 2013, have been recently enhanced with more detailed guidelines developed by a working group (chaired by IFC) representing Development Finance Initiatives (DFIs) that annually invest more than $35 billion a year in private sector solutions. These principles include promoting commercially sustainable solutions so that the use of scarce public concessional finance is minimised; and state the need for high social, environmental, and governance standards.

Osun earmarks N48.73b for water, sanitation project in Ilesa

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Governor Rauf Aregbesola of Osun State says his administration will spend N48.73 billion on the Ilesa water and sanitation project.

Gov.-Rauf-Aregbesola
Gov. Rauf Aregbesola of Osun State, Nigeria. Photo credit: thesheet.ng

The governor said this in Ilesa on Monday, December 18, 2017 at the launch of the project tagged ‘‘the biggest singular project in Osun since its creation’’.

He said that a major part of the funds for the project, which was $65 million (about N23 billion), had been obtained from the Islamic Development Bank (IDB) in Saudi Arabia.

He added that the loan had a repayment period of 25 years.

Aregbesola said the contractor handling the project, which was appointed by IDB, had given an assurance that the project would be completed within 24 months.

He expressed the hope that by December 2019, the water project, including the waterworks, would be fully operational.

He said three reservoirs, which had the capacity of producing 60 million litres of water per day, would be constructed in the course of the project.

Besides, Aregbesola said that the state government in 2015 paid N8.39 billion to the Federal Government for the completion of the Kajola Water Dam in Ilesa.

He added that the dam would be the main source of water supply to the reservoirs.

He, however, said the state government was still looking for additional N15.31 billion to construct the water supply network of the project.

He said that the government was looking at how the World Bank and IDB could assist with the needed funds.

Aregbesola said that in the history of the state and, indeed, the defunct Western Region, the water project was the biggest project coming to one town.

He said that the people of Ilesa would enjoy uninterrupted water supply for more than 50 years, after the completion of the project.

The consultant handling the water project, Mrs Tawakalitu Williams, said that the water project was conceived following the completion of the Kajola Water Dam in Ilesa by the Federal Government in 2015.

She said that the physical construction works of the water project would be completed in 2019.

Williams said that three water reservoirs would be constructed to supply water to the residents of Ilesa.

In his remarks, the Owa Obokun of Ijeshaland, Oba Adekunle Aromolaran, thanked the governor for ensuring that Ilesa had its own water scheme.

Aromolaran said that the water project, when completed, would provide his people with potable water and facilitate efforts to eliminate water-borne diseases in the neighbourhood.

By Olajide Idowu

International Migrants Day: Transforming Africa’s rural areas key to curtailing migration

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On the occasion of International Migrants Day, December 18, the African Development Bank (AfDB) has called on African countries to reconstruct rural areas from zones of economic misery to zones of economic prosperity. This will in turn expand economic opportunities for African youth, leading to improvements in their lives, thereby stemming migration.

Greater economic opportunities will motivate African youth to stay on the continent and live a meaningful life.

More than ever before, Africa must rapidly modernis

Migrants in Libya
Migrants in Libya sold into slavery

e its agriculture and unlock its full potential.

According to Akinwumi Adesina, President of the AfDB, the future of Africa’s youth does not lie in migration to Europe, but in a prosperous Africa.

Addressing the challenges of food insecurity is critical in addressing the more complex issues of migration and displacement. Reducing intercommunal conflict over scarce resources such as water and pasture for animals is also key.

“This requires new agricultural innovations and transforming agriculture into a sector for creating wealth. We must make agriculture a really cool choice for young people,” said Adesina.

“Staple food processing and agro-allied industrial zones will transform rural Africa from zones of economic misery to zones of economic prosperity. These zones will also allow Africa to move into agro-industrialisation and become a global player in feeding the world.”

Taking into account the large and increasing number of migrants in the world, the United Nations General Assembly on December 4, 2000, proclaimed December 18 International Migrants Day. Statistics from the United Nations indicate that more people are on the move than ever before, while each migrant has a unique story to tell about his or her journey.

This mass movement of people along dangerous routes globally inspired the theme of year’s International Migrants Day: “Safe Migration in a World on the Move”. The UN is calling on the world to come together to protect all migrants wherever they are – in countries of origin, transit or destination.

Speaking at the recently concluded 12th African Economic Conference of the African Development Bank, UNDP and UN Economic Commission for Africa in Addis Ababa, December 4-6, 2017, Richard Joseph, a Professor of International History and Politics at Northwestern University, observed how population growth in many African countries continue to exceed income flows.

“Out-migration in such circumstances becomes an option despite the appalling risks,” he noted.

Three challenges, a lack of economic opportunities, conflict, and extreme conditions brought about by climate change are key sources of fragility that often result in the forced migration of peoples desperately seeking alternatives.

President Adesina describes these factors as a “triangle of disaster” that drive conflict and extreme violence, which in turn fan economic or forced migrations as reflected in rural-urban, intra-African or international migrations, leading to significant local and international challenges.

According to the UN, the challenges and difficulties of international migration require enhanced cooperation and collective action among countries and regions.

This is one of the reasons the Bank is accelerating investments to get younger commercial farmers and agribusiness entrepreneurs into agriculture. Already, the African Development Bank has launched a youth in agriculture initiative – ENABLE (Empowering Novel Agri-Business-Led Employment) Youth – to develop the next generation of “agripreneurs” for Africa. Over the next 10 years, the Bank will invest $15 billion to develop new youth agriculture entrepreneurs.

The ENABLE Youth programme has shown that with greater access to agribusiness enterprise, skills, and improved credit, youth can become a driving force of agricultural transformation in Africa, and stem the tide of rural and transatlantic youth migration.

Food security and rural development is interlinked with migration, fragility and resilience, said Khaled Sherif, the Bank’s Vice-President for Regional Development, Integration and Business Delivery. “We acknowledging that youth constitute the majority of African migrants, and for this reason, we have also implemented a Jobs for Youth in Africa Initiative. Our aim is to expand economic opportunities for male and female African youth, in order to create improvements in other aspects of their lives,” he said.

The goal of the AfDB’s $24 billion Feed Africa Strategy is to make Africa self-sufficient in food production within 10 years, drive agro-industrial development, and make the continent competitive in global food and agriculture markets.

Green Bond: Upping the gains of sustainable environment

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The Federal Government plans to issue green bonds worth N10.6 billion to finance renewable energy projects, to protect the environment. This was made known by the Director-General, Debt Management Office (DMO), Ms. Patience Oniha, during the Nigeria Green Bond Investors Forum in Lagos, on Friday, December 15, 2017.

DMO green bond
Participants at the event

Federal Ministries of Environment and Finance, in collaboration with Green Bond Advisory Group, organised the event.

Abuja had played host to a similar event the previous day.

The DMO DG, in her opening remarks, said the forum was to raise fund for a project, with hope of a bright future.

 

What are green bonds?

Green bonds are bonds used exclusively to fund projects that have specific environmental and/or climate benefits. They can also be defined as debt instruments issued to raise capital to fund specific clean power projects or projects aimed at reducing climate change risk.

The bonds arose out of investors’ need to invest in high-growth, clean energy sector projects other than through equities and funds.

In 2016, $81 billion worth of green bonds were reportedly issued globally, and about $69 billion worth of green bonds have already been issued this year, with the total projected value at $150 billion.

 

Nigeria’s maiden green bond issue

Up to N10.69 billion is expected in Series 1 issuance under the N150 billion green bond programme in Nigeria, and the tenor is five years.

The minimum expected subscription is N10 billion, with N1 billion increments. According to the promoters, there should be no fear of under-subscription because the figure is so meagre that what would eventually result is over-subscription.

The book build for the bonds is expected to open on Monday, December 18 and close on Wednesday, December 20. It will be listed at the Nigerian Stock Exchange (NSE) on Wednesday, January 10, 2018.

Hajia Halimat Bwari
Deputy Director, Department of Climate Change, the Federal Ministry of Environment, Hajia Halimat Bwari

In her presentation, Deputy Director, Department of Climate Change, the Federal Ministry of Environment, Hajia Halimat Bwari, who represented the Environment Minister, explained climate change/global warming, its causes and effects.

According to her, different parts of Nigeria are diverse in everything, including climate change. She said “while the southern part is at high risk of flood, the northern part is at the risk of dryness”. The middle, she added, experience erosion.

Noting that the Federal Government signed the Paris Agreement in 2015 committing Nigeria to reducing emissions, she said “what we are doing here is part of that commitment.”

She asserted that N142 billion would be required to finance renewable energy projects in the country, adding that the ministry decided to issue the green bond as alternative source of funding because of the huge capital outlay required to finance the nation’s renewable energy projects.

Bwari said the projects would go a long way to reduce carbon emissions in Nigeria, while facilitating the country’s efforts to meet its commitments in the Paris Agreement on Climate Change.

 

Area of investment

Proceeds of the bonds will be used on: renewable energy micro-utilities, energising education programme, and afforestation programme.

Projects listed in the programme include rural energy access, the great green wall programme, the national clean stoves scheme, the clean energy transportation scheme and the Nigerian erosion and watershed management project.

 

Upping the gains

The primary aim of the bonds issuance is to have sustainable environment, which the world has been investing hugely in. But the green bond will up the benefit, as investors have been promised return on investment, thereby boosting the economy. The ministry used the sheer butter tree as an instance.

“While the tree provides green environment, the seeds, which are now in high demand, will be harvested and sold,” it said.

Another tree cited was the teak used for electric poles, which has maturation period of seven years; and after harvest, the farmer does not have to plant fresh seeds, as the roots underground will sprout new trees.

Other benefits of the green project are the direct and indirect jobs to be created. Gardeners, foresters and allied workers would have ready jobs.

Dave Uduanu
Managing director of Sigma Pensions, Dave Uduanu

Why invest in green bonds?

According to Muhammad Mamman-Daura of Chapel Hill Denham Advisory Ltd, investing in the green bond is investing in the future, as green bond is the future. He stated reasons investment in the green bonds is necessary.

  • Maiden issuance in Nigeria and Africa. Being the first issue, the risk of losing investment is very low.
  • Segregation of issue proceeds and application towards ring-fenced projects.
  • Provides competitive investment returns relative to conventional bonds.
  • Strong assessment ratings. The country’s strategy earned it GB1 (excellent) in Moody’s Assessment.
  • Two-fold contribution to the preservation of Nigeria’s climate and economic development. Environmentalists also have at least one reason to invest – to protect the environment.

 

PFAs ready for green bond

Stakeholders that participated in the forum include Pension Funds Administrators (PFAs), Federal Ministry of Finance, Inter-ministerial Committee on Climate Change, Nigerian Stock Exchange (NSE) and DMO, among others.

Managing director of Sigma Pensions, Dave Uduanu, who spoke on behalf of the PFAs, said they were happy and ready to work with the Federal Government to make the green bond project work.

By Innocent Onwuji

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