Gombe State Governor, Muhammadu Inuwa Yahaya, has taken a bold step to secure green bond funding for his state’s environmental projects.
The governor visited the Nigerian Exchange Limited (NGX) on Wednesday, where he met with various stakeholders in the capital market and pitched his vision for a green and sustainable Gombe State.
Green bonds are debt instruments that raise funds for projects that have positive environmental and social impacts, such as renewable energy, afforestation, and waste management.
Nigeria issued its first sovereign green bond in 2017 and a second one in 2019, becoming the first African country and the fourth globally to do so.
Governor Yahaya said he was seeking N30 billion in green bond funding, which he would use to implement projects that align with the state’s Nationally Determined Contributions (NDCs) to the Paris Climate Agreement.
He said the projects would also enhance the well-being of the citizens and reduce the effects of climate change on their livelihoods.
Some of the projects that the governor highlighted include the Gombe Goes Green project, which aims to plant 27 million trees across the state to combat desertification and erosion; the solar energy project, which provides alternative and clean power to the state; and the agricultural sector development, which supports the state’s agrarian economy.
The governor also showcased the state’s achievements in creating a conducive environment for business and investment, such as improving the ease of doing business, providing digital and transparent governance, and developing critical infrastructure such as roads and power.
The governor’s presentation was well received by the investors and capital market operators, who commended him for his leadership and innovation.
They assured him that they would support his green bond initiative and expressed interest in investing in other sectors of the state’s economy.
Hassan Bello, the chairman of the Nigerian Shippers Council, praised the governor for his eloquence and passion.
He said, “Whoever listens to your presentation and didn’t take action is not a serious minded investor.”
He also expressed his desire to invest in the dry port infrastructure in the state.
Waheed Olagunju, a former managing director of the Bank of Industry, also lauded the governor for his vision and strategy.
He said, “You have demonstrated that you are a visionary leader who knows what he wants and how to get it. You have also shown that you are a strategic thinker who can leverage the opportunities and resources available to you.”
The governor’s visit to the NGX was part of the preparations for the second edition of the Gombe State Investment Summit, tagged Go-Invest 2.0, which is scheduled for November 2024 in the state capital.
The summit is expected to attract more local and international investors to the state and showcase its potential and opportunities.
