President Muhammadu Buhari has said the Federal Government will launch the first African Sovereign Green Bond in December 2017, to finance renewable energy projects.
Buhari said this in Abuja on Tuesday while presenting the 2018 Budget Proposal to the National Assembly.
“I am pleased to inform this distinguished assembly that the Federal Government will be launching the first African Sovereign Green Bond in December 2017.
“The bond will be used to finance renewable energy projects. We are very excited about this development as it will go a long way in solving many of our energy challenges, especially in the hinterland,’’ the president said.
He said the Federal Government was working hard on the Ogoni Clean-up Project.
“During the year, we engaged eight international and local companies proposing different technologies for the mandate.
“To enable us select the best and most suitable technology for the remediation work, we asked each company to conduct Demonstration Clean-up Exercises in the four Local Government Areas of Ogoni Land.
“These demonstrations were recently concluded and the results are being studied by the Governing Council of the Ogoni Clean-up Project.’’
Buhari, who said the project would be funded by the International Oil Companies, said the Federal Government had made provisions in the 2018 Budget for the costs of oversight and governance, to ensure effective implementation.