NGX Launches Impact Board for Sustainability Instruments


Lagos, July 10, 2024 (NAN) — The Nigerian Exchange Ltd. (NGX) has launched its Impact Board for listing sustainability instruments, with approval from the Securities and Exchange Commission (SEC). This initiative aims to address environmental challenges by providing a platform for funding sustainable projects.

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The launch was marked by a Closing Gong Ceremony in honor of Mr. Balarabe Lawal, Minister of Environment, coinciding with the 8th Green Bond Advisory Group Meeting. Lawal, who is also the Co-Chair of the Green Bond Advisory Group, highlighted the urgent need for funding to tackle issues like flooding, pollution, and deforestation, particularly in northern Nigeria.

“We have many issues that need funding, such as floods, erosion, pollution, and more. This is why we are here, to make the issuance of the green bond an annual event,” Lawal stated.

He emphasized the importance of collaboration between the financial sector and public institutions to support environmental projects, noting that a clean environment is crucial for public health.

Dr. Emomotimi Agama, Director-General of the SEC, praised the unveiling of the NGX Impact Board and assured continued support from the commission to bolster and diversify the sustainable finance market in Nigeria.

“We will continue to support the NGX in their relentless efforts at deepening the capital market,” Agama said.

Alhaji Umaru Kwairanga, Group Chairman of NGX Group, affirmed that the Exchange has the capacity, resources, and technology to raise the funds needed by the Federal Ministry of Environment and for the Nigerian economy to meet the goals of the Paris Agreement and the Sustainable Development Goals.

Mr. Ahonsi Unuigbe, Chairman of NGX, underscored the significance of the Impact Board, noting its potential to encourage issuers like the Federal Government to leverage the market for financing strategic, sustainability-focused projects.

Mr. Temi Popoola, Group Managing Director/CEO of NGX Group, reiterated the Exchange’s dedication to driving sustainability with the right frameworks, emphasizing the importance of visibility for these instruments to achieve their goals.

Mr. Jude Chiemeka, CEO of NGX, described the launch as a paradigm shift in how finance and development are approached.

As Nigeria steps into a new chapter of sustainable finance, the Impact Board aims to attract both domestic and international investment, driving growth and supporting the nation’s sustainable development agenda. This innovative platform not only reflects NGX’s vision for the future but also sets a new standard for responsible investing in Africa’s largest economy, potentially serving as a model for other emerging markets.

By Naija247news
By Naija247news
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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