ga('send', 'pageview');

Nigeria to Raise $63m in 2017 Q1 To Fund Energy Projects

By Modupe Gbadeyanka

Minister of Environment, Mrs Amina Mohammed, has disclosed that the Federal Government would raise about $63 million (about N20 billion) to carry out renewable energy projects in the country.

Mrs Mohammed, speaking in an interview on Friday in Abuja, explained that the money would be sourced from the sale of bonds by the government.

ALSO READ  Nigeria Lowers 2018 GDP Growth Forecast to 3.5%

According to her, this would be done before the end of the first quarter of next year.

She said money raised from the sale of the green bonds would be used to carry out solar power projects, fund an electric-vehicle commuter project in the city and tree-planting in the north.

ALSO READ  CBN Insists Investments in Cryptocurrency Illegal

“We are on track to sell the bond in the first quarter, a sovereign, and could have another by the end of the year,” Mrs Mohammed said.

According to the Minister, her ministry is targeting off-grid solar-power projects producing as much as 1,200 megawatts in northern part of Nigeria.

She noted that, “The exchequer can’t get all the money we need, we must leverage these innovative ways to get funds from the international community.”

ALSO READ  WHO Lauds Nigeria’s Response to Lassa Fever Outbreak

Mrs Mohammed said further that proceeds from the green bonds will also support environment-friendly projects in the oil-producing Niger Delta region, where she said government aims to eliminate gas flaring by 2019.

Related Articles

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

more recommended stories

%d bloggers like this: