The Nigerian Exchange Limited (NGX) has unveiled plans to attract investment into the country’s blue economy through the issuance of Blue Bonds.
Speaking in Lagos during a quarterly stakeholders’ engagement of the Ministry of Marine and Blue Economy, NGX Chief Executive Officer Jude Chiemeka said the Exchange, in partnership with the ministry, will work with the Ministry of Finance to issue the bonds. Proceeds will fund critical maritime activities including aquaculture, security, and sustainability projects.
Chiemeka explained that the initiative is designed to mobilize capital beyond government budget allocations, tapping into both domestic and international investors seeking Environmental, Social, and Governance (ESG)-aligned instruments.
“We do recognise that the government budgetary allocations might not be enough, and because there are investors, international and domestic, looking for instruments that align with ESG, the Blue Bonds clearly meet these objectives,” Chiemeka said.
He highlighted that Pension Fund Administrators (PFAs), who collectively manage about N25 trillion, could play a key role in supporting the bond issuance if even a small percentage is invested.
Chiemeka also noted the success of Green Bonds issued in Nigeria, which were oversubscribed by both the private sector and the federal government, stressing that NGX is confident the Blue Bond will attract similar interest.
The initiative aligns with the federal government’s drive to strengthen the marine and blue economy, seen as a strategic growth sector with the potential to boost revenue, create jobs, and enhance national sustainability.
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