Nigeria dedicates green bonds to fund forestland recovery

Mazino Dickson

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Nigeria has assured the International community that it has set up green bonds as financial instruments to galvanize the recovery of forest lands as part of its climate change policy.

President Muhammadu Buhari made this known when he addressed the UN General Assembly in New York.

Buhari noted that Nigeria was deeply commited to the preservation of forest resources in its bid to not only safeguard food security, but also to fight climate change.

Nigeria stands resolutely with the international community in observing agreed carbon emission targets which I signed in 2015,” he said.

We have since issued two sovereign Green Bonds and have added an additional 1 million hectares of forested land taking our total forest coverage to 6.7% through collective national effort.

President Buhari’s climate policy speech is part of a larger strategy that seeks to ensure Nigeria will progressively work to realize 30 percent energy efficiency and renewable energy mix by 2030; mobilize Nigerian youths towards planting 25 million trees to enhance Nigeria’s carbon sink; and develop a shelter belt across 11 States of the Federation spanning a distance of 1,500 km and 15km across through the Great Green Wall initiative.

It also seeks to implement the Hydrocarbon Pollution Remediation Programme HYPREP in Ogoniland; effectively use Climate Smart Agricultural Practices to unlock Seventy-Four (74) Million tons of carbon dioxide per annum, through relevant technologies, advocacy and best practices and speed-up solid partnerships for the ecological restoration and recharge of the Lake Chad.