Nigeria’s infrastructure deficit is projected to reach about $878 billion in the next twenty years.
That’s the revelation from the acting director general of Nigeria’s securities and exchange commission, Mary Uduk.
Madam Uduk said “Infrastructural deficit is expected to hit $878 billion in 2040 and the future holds opportunities for renewable energy, infrastructure, food. The task ahead is to ensure funds are channeled to green projects with multiple socio- economic merits.”
She believes this should be addressed through the issuance of more green bonds by Africa’s most populous country.
A green bond is a bond specifically earmarked to be used for climate and environmental projects.
These bonds are typically asset-linked and backed by the issuer’s balance sheet, and are also referred to as climate bonds.
Namibia this week announced the issuance of it’s green bond to fund some critical infrastructural projects.
The issuance of Nigeria’s first tranche of green bond received an excellent A+ rating from Global rating agency Moody.
Available statistics currently puts funds raised from green bond globally at $155 billion.
Experts believe Nigeria’s resource is not growing in correspondent with its rising population hence the need to close the infrastructure gap in the West African country.
Source: Africafeeds.com
