By Dipo Olowookere
In line with its drive to promote sustainable finance in the Nigerian financial market, the FMDQ Securities Exchange PLC has partnered with other stakeholders in the financial market ecosystem to establish the Financial Centre for Sustainability, Lagos (FC4S Lagos).
This initiative would be used to accelerate the expansion of green/sustainable finance in Nigeria, showcasing Lagos as a key financial centre working towards the implementation of the Sustainable Development Goals (SDGs).
It would also afford the aquatic city an opportunity to draw lessons and insights from more developed financial centres that will aid its adaptation to climate change as well as provide an opportunity to harness the vast investment needs for the transition to a low-carbon and climate resilient economy that supports sustainable growth.
Lagos State Governor, Mr Babajide Sanwo-Olu, launched the FC4S Lagos on Friday, October 4, 2019, at the FMDQ’s business complex, Exchange Place.
The event brought together key financial market stakeholders, regulators, subject-matter experts and other sustainability doyens, including, Ms Jumoke Oduwole, Special Adviser to the President on Ease of Doing Business; Ms Mary Uduk, Acting Director-General, Securities and Exchange Commission (SEC); Prof. Doyin Salami, Vice-Chairman, Governance Board, FC4S Lagos; Mr Sam Egube, Commissioner for Budget and Planning, Lagos State; Dr Rabiu Olowo Onaolapo, Commissioner for Finance, Lagos State; Ms Solape Hammond, Special Adviser to Lagos State Governor on Sustainable Development Goals; Mr Bolaji Balogun, Chief Executive Officer, Chapel Hill Denham; amongst others.
The FC4S Lagos has a mission to position Nigeria as a leading market in sustainability principles through investments, innovation, partnerships and capacity development.
It is structured as an Incorporated Trustee with the aspiration to be independently run and self-funded, with its secretariat based in Lagos and is led by a Governance Board constituting the Chairman, Mr Bola Onadele Koko; Vice Chairman, Prof. Doyin Salami and four Thematic Area Leads.
These leads are Policy & Regulation led by Dr Farouk Aminu; Issuances & Investments led by Mrs Kemi Awodein; Research, Education & Engagements led by Dr Andrew S. Nevin and Legal & Risk Management led by Mr Chidi Mike- Eneh.
FMDQ Exchange currently serves as the Secretariat of FC4S Lagos, coordinating the activities of the financial centre and liaising with the international network towards meeting the overarching objective of promoting green and sustainable finance in Nigeria.
According to the 2018 Nigerian Sustainable Finance Roadmap Report developed by United Nations Environment Programme (UNEP) Inquiry, in collaboration with market stakeholders, Nigeria continues to grapple with a myriad of economic, social and infrastructure challenges on the back of growing rural-urban migration, lack of pipe-borne water, growing housing deficit, deteriorating environmental conditions, heightening security challenges, increased social tension, and inaccessible health and education centres, signalling an annual estimated sustainable finance investment need of up to $92 billion green finance investment required between now and 2030.
The report highlights the fact that annual sustainable finance flow into Nigeria is estimated at just over $8 billion mainly from public sources.
It also states further that to achieve the Nationally Defined Contributions (NDCs) of the Paris Agreement and meet the Sustainable Development Goals (SDGs) by 2030, the opportunity for sustainable finance-related private capital in Nigeria could be roughly 20 times of current flows (i.e. $160 billion).
more recommended stories
Asian Stocks Fall as Violent Unrest Extends to Wednesday
By Investors Hub Asian stocks fell.
European Stock Markets Depreciate Wednesday
By Investors Hub European stocks have.
Renewed Trade Deal Uncertainty Weighs on US Stocks
By Investors Hub The major U.S..
CBN Crashes Treasury Bills Rates to Single Digit
By Dipo Olowookere The Central Bank.
Border Closure to Push Inflation to 11.32%—Analysts
By Dipo Olowookere Analysts at Meristem.
Dividends from Oil Firms to Lose Tax Exemption Status
By Adedapo Adesanya Nigeria’s Minister of.
Lagos Assures Business Owners Easy Access to Funds
By Dipo Olowookere Those who intend.
Nigerian Stock Exchange Sustains Gains by 0.54%
By Dipo Olowookere The positive sentiment.