Nigeria’s Debt Management Office (DMO) raised 25.69 billion nairas ($56 million) through sovereign green bonds from December 2017 to June 2019, The Guardian newspaper reported, citing Director-General Patience Oniha. 

The funds were deployed in seven projects across sectors, such as renewable energy, agriculture, water, transport and afforestation. 

Green bonds are financial instruments that finance green projects and provide investors with regular or fixed-income payments. 

The country raised 615.557 billion nairas through sukuk from September 2017 to December 2021. The funds were  used to rehabilitate and construct new roads across the country in four years. 

Oniha said that 365.557 billion nairas were deployed to construct 1,881 kilometres of roads and six bridges across the nation. 

Some of the sukuk-funded projects are the reconstruction of Bida-Lambata road in Niger state, rehabilitation of roads in Lagos and Ogun states and rehabilitation of a road section in Enugu state.   

(Editing by Cleofe Maceda; Cleofe.maceda@lseg.com)