FMDQ Group and FSD Africa sign Memorandum of Understanding with Lagos

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RL: Lagos State Governor Babajide Sanwo-Olu and FMDQ Group Director General Mr. Bola Onadele Koko at the signing ceremony of the Memorandum of Understanding between Lagos State Government and the Nigerian Green Bond Market Development Program, held in Lagos on 9/14/2021. Photo: Peace Udugba.

September 19 (THEWILL) – FMDQ Holdings Plc and Financial Sector Deepening Africa signed a Memorandum of Understanding with the Lagos State Government to facilitate the issuance of Lagos State’s first $ 25 billion green bond. yen and other sustainability-related debt instruments towards achieving the Global Sustainable Development Goals (SDGs).

Among those present at the remarkable signing ceremony held at Lagos State House, Marina, Lagos were the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu; Commissioner of Finance, Lagos State, Dr Rabiu Onaolapo Olowo; Special Advisor, Office for Sustainable Development Goals and Investment, Lagos State, Ms. Solape Hammond; and other members of the Lagos State Executive Council; as well as representatives of the implementing partners of the NGBMDP, including Mr. Koko Bola Onadele, Managing Director, Groupe FMDQ and Mr. Mark Napier, Managing Director, FSD Africa.

Speaking at the signing ceremony, Governor Sanwo-Olu said: “I have a strong belief that the Green Bond Program will open the doors of deep sustainable funds for infrastructure and social development in Lagos State. , being the largest player in sub-national capital markets and therefore globally opens new doors for many others.

“As a state, we adhere to the transparency and commitment that come with a green finance framework. We believe this sends an important signal to market investors in who we are – a state that is fiscally responsible, prudent and disciplined. We intend to continue to validate this reality, as well as our commitment to building a larger, circular, climate resilient and prosperous Lagos State that is unwavering ”.

In his speech, Mr. Onadele declared: “The FMDQ Group is proud and honored to be part of this memorable signing ceremony. The dynamism of Lagos State as a hub for business and financial markets, as well as its incredible potential as a catalyst for large-scale sustainable development, call for the need to unlock and attract capital for fund key projects in the state.

“This will stimulate economic growth, improve job creation and align the THEMES of the state (traffic and transport management, health and environment, education and technology, entertainment and tourism), as well as the security and governance agenda. towards the state’s transition to a greener environment and more sustainable economy in accordance with the United Nations SDGs.

“This emblematic signing of the memorandum of understanding comes at the right time and the FMDQ group, as a local partner of the NGBMDP and agent of change allowing markets to progress economically towards prosperity, is enthusiastic about this opportunity to support development aspirations. of Lagos State.

In addition, another of the program’s implementing partners, FSD Africa, represented by the Managing Director, Mr. Mark Napier, said: “FSD Africa is pleased to offer its support to Lagos State as it is preparing to issue its first green bond.

This demonstrates excellent leadership on the part of the state and we hope other subnational entities will consider following it on this journey. “Cities amplify aspects of climate change, including heat, flooding and sea level rise in coastal cities. Low-carbon, climate-resilient urban development offers significant benefits and an opportunity for accelerated growth for the state ”.

UK Deputy High Commissioner Ben Llewellyn-Jones said in his remarks that the need to mitigate the impact of climate-related risks on millions of Lagosians is now urgent and urgent and the government UK, through its development program for Africa FSD, pledges to help mobilize green finance through capital markets to support the Lagos State Government’s initiative to build a sustainable mega-city and resilient.

“We are currently working with the Lagos State Government to build a pipeline of green infrastructure projects through our program portfolio, including our Future Cities Nigeria development program. We will continue to work with the government to strengthen its resilience, before COP26 and beyond, ”he said.

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