Nigeria issued sovereign green bonds in 2017 and 2019 and a third series of NGN 47.355 billion in June 2025, under a sustainable bond framework that includes sustainable agriculture. The Nigerian Sustainable Banking Principles date from 2012, IFRS sustainability disclosures become mandatory for public interest entities in 2028, and no national green taxonomy had been published by October 2026. The Green Climate Fund allocated US$75.0 million to Nigeria in six agriculture-related multi-country projects.
7.1
What is in force
The CBN and the Bankers' Committee issued the Nigerian Sustainable Banking Principles with sector guidelines in 2012 and a reporting template in 20141. The SEC adopted rules on green bonds in 2018 and guidelines on sustainable financial principles for the capital market in April 202123. Under the FRC roadmap, IFRS S1 and S2 become mandatory for public interest entities for periods beginning on or after 1 January 2028, and listed companies had to submit implementation plans to the SEC by 15 October 202645. No national sustainable finance taxonomy had been published by October 2026.
The Debt Management Office issued sovereign green bonds of NGN 10.69 billion in December 2017 and NGN 15 billion in June 2019, and in June 2025 allotted NGN 47.355 billion at 18.95% from an offer of NGN 50 billion that drew NGN 91.42 billion of subscriptions678. Of the 2019 bond, NGN 600 million financed agroforestry and conservation agriculture demonstrations in ten states7. The Sustainable Bond Framework of March 2025 lists sustainable agriculture and food security among eligible categories9. Access Bank issued a NGN 15 billion green bond in 2019, described by FMDQ as the first Climate Bonds certified corporate green bond in Africa10.
NSIA accredited to the GCF, amended IFRS roadmap134Institution
Climate Change Act2021Passed by the Senate 18 Jul 2021 and the House 13 Oct 2021, assented November 2021
The Act sets a target of net-zero emissions between 2050 and 2070, establishes the National Council on Climate Change chaired by the President and a Climate Change Fund that may receive carbon tax and emissions trading revenue, and provides for five-year carbon budgets11. Private entities with 50 or more employees must put in place measures to achieve annual emission reduction targets11. The commencement date in the copy is blank and no gazette reference was found.
Nigeria Carbon Market FrameworkNCCCOctober 2025, approved by the NCCC (reported 30 Oct 2025)
The framework designates a Carbon Market Office as national authority and registry and requires a no-objection letter for voluntary carbon market projects15. It records 57 registered projects and 5.8 MtCO2 of credits issued1512. No carbon market regulations under the Act were found.
Nigerian Sustainable Banking PrinciplesCBN and Bankers' Committee2012, reporting template 2014
The CBN issued the principles with a guidance note and sector guidelines in 2012 and a reporting template in 2014, and the CBN has been a member of the Sustainable Banking Network since 20121. The CBN circulars themselves could not be opened.
Federal Republic of Nigeria Sustainable Bond FrameworkDMOMarch 2025
The framework governs sovereign green and social bonds and lists sustainable agriculture, sustainably managed forestry and food security among eligible categories9. The third sovereign green bond of June 2025 allotted NGN 47.355 billion under it8.
Roadmap for the adoption of IFRS Sustainability Disclosure StandardsFRC (amended 2026)2026, mandatory from 1 Jan 2028
IFRS S1 and S2 become mandatory for public interest entities for periods beginning on or after 1 January 2028 and for SMEs from 1 January 20304. The SEC required public companies to submit implementation plans by 15 October 20265.
Nigerian Sustainable Banking Principles and sector guidelines
CBN and Bankers' Committee
2012
Reporting template 2014, recalled in the FRC roadmap of 2026
Rules on green bonds
SEC
2018
Listed by the SEC in 2022, text not opened
Guidelines on Sustainable Financial Principles for the Capital Market
SEC
April 2021
Applies to regulated entities and public companies
Sustainable Bond Framework of the Federal Republic
DMO
March 2025
Basis of Series III
IFRS S1 and S2 roadmap (amended 2026)
FRC
2026
Mandatory for public interest entities from 1 January 2028
National Carbon Market Framework
NCCC
October 2025
Approved by the NCCC
Source: IFC SBN · SEC Nigeria · DMO · FRC · FMINO — No national sustainable finance taxonomy had been published by October 2026. The CBN circulars on the Sustainable Banking Principles could not be opened and are cited through the IFC Sustainable Banking Network report.
Sovereign green bonds
Amount issued or allotted, NGN billion
Issue
Amount (NGN bn)
Series I (Dec 2017)
10.69
Series II (Jun 2019)
15
Series III (Jun 2025)
47.36
Source: DMO · FGN / DMO — Series I was a 5-year bond at 13.48%, Series II a 7-year bond at 14.5% and Series III a 5-year bond at 18.95%, allotted from an offer of NGN 50 billion that drew NGN 91.42 billion of subscriptions.
Use of proceeds of the 2019 sovereign green bond
Series II, amounts committed by sector, NGN million
Committed (NGN m)
Renewable energy and efficiency
8,264
Water and wastewater
2,818
Clean transportation
2,097.1
Afforestation
1,220.9
Agriculture
600
Source: FGN / DMO — Of NGN 15,000 million, NGN 14,316 million (95.44%) had been utilised by March 2025. The agriculture project demonstrated agroforestry and conservation agriculture in ten states.
The Green Climate Fund listed 19 projects covering Nigeria with US$257 million of financing in October 2026, all of them multi-country, and the single-country solar programme FP104 (US$100 million) lapsed2122. Six agriculture-related projects carry Nigerian allocations of US$75.0 million (own calculation), led by the Great Green Wall resilience programme FP268 (US$37.5 million) and including FP183, which greens agricultural lending through banks222324. The Nigeria Sovereign Investment Authority was accredited as a direct access entity on 25 March 202613.
Green Climate Fund allocations to Nigeria in agriculture-related projects
Nigeria's share of approved GCF financing, US$ million
Nigeria allocation (US$ m)
FP268 Great Green Wall resilience
37.5
FP092 Niger Basin adaptation
12.6
FP183 IGREENFIN I
8.99
FP293 cocoa and coffee fund
5.6
FP078 Resilient Agriculture Fund
5.2
FP252 Resilient Agriculture Fund II
5.1
Source: GCF — All are multi-country projects, and the values are the country allocations in the GCF data, totalling US$75.0 million (own calculation). These are approvals, not disbursements. The GCF country page listed 19 projects worth US$257 million for Nigeria in October 202621.
Climate finance needs in NDC 3.0
US$ billion, 2026–2035
Item
Needs (US$ bn)
Mitigation
195
Adaptation
141.5
Domestic (unconditional)
67
International (conditional)
270
Source: FGN — Total needs of US$337 billion. The domestic and international shares split the same total.
Green Climate Fund projects covering agriculture in Nigeria
Project
Approved
GCF financing, whole project (US$ m)
Nigeria allocation (US$ m)
Accredited entity
FP078 Acumen Resilient Agriculture Fund
1 Mar 2018
26.0
5.20
Acumen
FP092 Integrated development and adaptation in the Niger Basin
20 Oct 2018
67.8
12.60
AfDB
FP183 Inclusive Green Financing Initiative (IGREENFIN I)
29 Mar 2022
116.9
8.99
IFAD
FP252 Acumen Resilient Agriculture Fund II
24 Oct 2024
34.0
5.10
Acumen
FP268 Resilience in Africa's Great Green Wall (SURAGGWA)
3 Jul 2025
150.0
37.50
FAO
FP293 Food Securities Fund, cocoa and coffee tranche
28 Mar 2026
56.0
5.60
Clarmondial
Source: GCF — All are multi-country projects. Approved amounts, not disbursements. The single-country FP104 solar programme (US$100 million) lapsed22.
7.3
What it means for agricultural lenders
Sovereign green bonds reach agriculture
The 2019 bond financed NGN 600 million of agroforestry and conservation agriculture, and the 2025 framework makes sustainable agriculture and food security eligible79.
Disclosure rules from 2028
Banks and other public interest entities must report under IFRS S1 and S2 for periods from 1 January 20284.
No national taxonomy published
No national sustainable finance taxonomy had been published by October 2026, and the Sustainable Bond Framework of March 2025 defines eligible categories for sovereign bonds9.
NDC financing needs of US$337 billion
NDC 3.0 estimates needs of US$337 billion for 2026–2035, of which US$270 billion is expected from international sources25.
AI-assisted content, human-reviewed: This page was generated with the assistance of artificial intelligence and reviewed by a human editor. (last review: October 2026) Despite review, errors or outdated values may remain; please verify critical figures against the linked primary sources before relying on them. Nothing here is investment, legal or financial advice.
