In December 2017, Nigeria became the first country in Africa to issue a sovereign green bond. This bond, which was the first sovereign bond certified using the Climate Bonds Standard, raised ₦ 10.7 billion (US$ 29 million) to fund solar power and afforestation projects. These will benefit the Nigerian economy and livelihoods, reduce greenhouse gas emissions and help Nigeria meet its climate commitments under the Paris Agreement. A second bond raised ₦ 15 billion (US$ 42 million) and a further bond is planned. This story of change describes how an Embedded Adviser provided by Policy Development Facility Phase II supported Nigeria in developing a strategic approach to issuing its sovereign green bonds.
