Government is planning to borrow more money but this time it is going to use the money specifically to address environmental issues.

Because of this, it is calling the fund green bond and it expects to raise $29 million, about 8.9 billion naira.

The green bond, the first tranche of a 150 billion naira programme, will debut next week, according to the Ministry of Environment which is spearheading this.

The bond, with a five-year tenor, will be used to fund projects to reduce carbon emissions and develop renewable energy.

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“The Federal Government of Nigeria will issue the first tranche of bonds from this programme during the week of 18th of December 2017,” the environment ministry said in a statement.

The programme was part of the government’s “effort to align with the global objective of expanding the market for climate finance”, it said.

An investor roadshow will take place in the capital, Abuja, and commercial capital Lagos on Thursday and Friday ahead of the issuance.

A ministry spokeswoman gave the value of the first tranche to be issued and that of the overall programme. No details of the length of the programme were however given.

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