Dr. Patience Oniha, Director-General of Nigeria’s Debt Management Office (DMO), says the nation is making a “steady path of economic recovery,” thanks to fiscal reforms, improved credit ratings, and strategic investments in infrastructure and environmental sustainability. She spoke during an investor meeting for the Series III Sovereign Green Bond issuance in Lagos on Monday .
Once spiking near 30%, inflation has now eased and stabilised within the 23–24% range, signalling growing confidence in monetary and fiscal policies. The economy is back on a recovery trajectory following the COVID-19 downturn, supported by a private-sector-led three-year National Development Plan prioritising infrastructure as a catalyst for growth.
Nigeria’s crude oil output has climbed from under 1 million barrels per day (bpd) to approximately 1.5–1.6 million bpd, thanks to reforms, including unbundling of the Nigerian National Petroleum Company (NNPC), and improved security in the Niger Delta .
Global rating agencies such as Moody’s and Fitch have upgraded Nigeria’s outlook, citing the positive impact of ongoing reforms. Ahead of re-entry talks with the JPMorgan GBI-EM bond index, Oniha is leading efforts to deepen capital market access and boost the country’s sovereign credit profile .
Reaffirming Nigeria’s commitment to green financing, the DMO has launched its ₦50 billion Series III Sovereign Green Bond, with a five-year tenor and a ₦10 million minimum subscription, listed on FMDQ and NGX .
Proceeds will fund climate-smart projects: renewable energy, clean transport, water management, afforestation, and dams — contributing to Nigeria’s Nationally Determined Contributions (NDCs) under the Paris Agreement. This issuance builds on prior green bonds from 2017 and 2019, which raised a combined ₦25.69 billion to support education, renewable energy, forestry, and utilities .
The bond opened on June 16 and closes June 18, with allotments scheduled for June 20, 2025. Dr. Oniha stressed that investor presentations are focused not just on fundraising but on transparency, outlining fund allocation across ministries and tracking mechanisms.
The Series III Green Bond marks a milestone in Nigeria’s fiscal strategy, blending economic recovery efforts with climate resilience. Key strengths include falling inflation, renewed GDP growth, rising oil production, and better credit standings. The successful deployment of green bond proceeds can further enhance global investor confidence and strengthen Nigeria’s position in international bond indices.
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