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Saturday, October 05, 2019 / 08.00PM / Ottoabasi Abasiekong for Proshare WebTV / Header Image Credit: Proshare WebTV
Lagos State
Governor, Babajide Sanwo-Olu, on Friday October 4th, 2019 formally
launched the Financial Centre for Sustainability at the FMDQ Securities
Exchange Headquarters in Lagos.
This was
the actualization of the challenge posed to the FMDQ Exchange by the
United Nations Environment Programme, UNEP, to form the FC4S, which will
provide an advocacy platform that will support policy makers in the pursuit to
mobilize impact investments and deepen the space for green financial
instruments.
The
Governor in his remarks said the establishment of the Centre will contribute
significantly to the state's push to attract sustainable private capital, that
will improve climate change mitigation.
He
lauded the FMDQ and UNEP for championing this innovative private-led solution
to addressing sustainable financing in Nigeria.
According
to him Lagos was the first Sub-National to issue a Green Bond in the country
and remains focused on leading the cause for sustainable economic development.
Speaking
further Governor Sanwo-Olu said in the strategy of his administration "THEME" that was recently launched the "H" stands for Health and the "E", Environment,
which the government has given top priority.
"With an
exploding population and limited land mass, resulting in a large amount of
domestic, industrial and commercial waste, Lagos needs to tap into private
capital to drive sustainable development" Sanwo-Olu said.
The
Acting Director-General of the Securities and Exchange of Commission (SEC) Ms.
Mary Uduk speaking at the event said the Apex regulator is a strong advocate
for the promotion of infrastructure development, through sustainable financing.
She
believed that the huge budget deficit and infrastructural gap in the country
can be financed by harnessing resources available from sustainability
finance, investors and interest groups across the globe.
"It is
my expectation that the launch of the Financial Centre for Sustainability, will
serve as a rallying point for further discussion and engagements, in ways of
taking advantage of the enormous resources in the area of sustainable financing
to address the infrastructural gap in the country" She said.
The Acting DG
of SEC Nigeria was of the strong view that the FC4S will help to deepen the
product offerings in the capital marker and create greater prosperity for
investors and the people.
Dr Doyin
Salami the Vice-Chairman of the Governance Board of the Financial Centre for
Sustainability, giving insight into the Centre stressed that it is
re-emphasizing the Environment and Social Governance, ESG, components of
financial institutions.
At a broader
level, Dr. Salami, said Sustainable Financing was focused on targeting
long-term environmental issues especially around sustainable employment,
technology and innovation.
Elaborating
further the economist said that the direction of the financial institutions and
investment vehicles should be giving top priority to projects that have the
Sustainability provisions.
Salami
said Africa has huge opportunities for sustainable projects that require
massive financing and capital, from smart housing, education, healthcare,
transportation etc.
"Africa
requires $783bn to achieve its 2030 Sustainable Development Goals (SDGs), which
is three quarters of a trillion dollars, while Nigeria requires $92bn to
achieve it" Salami said.
Dr
Salami who is also the Chairman of the Presidential Economic Advisory Committee
noted that one key area that sustainable investments must address in Nigeria,
is job creation which is vital to achieving inclusive economic growth.
The
MD/CEO of the FMDQ OTC Securities Exchange Mr. Bola Onadele in his welcome
address said the Financial Centre for Sustainability offered a market-side
approach to developing a financing model for Nigeria's sustainable development.
Onadele
informed stakeholders that by serving as the secretariat for the FC4S, the FMDQ
OTC Securities Exchange asserts its position as a leading market in
sustainability issues.
The FC4S
Lagos has joined the International Network of Financial Centres for
Sustainability (FC4S Network) as the 23rd member.
FC4S
Network was launched in Casablanca, Morocco, in September 2017, at a meeting
co-hosted by the Casablanca Finance City Authority and the UNEP, in association
with Italy's Ministry of the Environment and Morocco's presidency of the COP22
(Conference of Parties 22) climate conference. At this meeting, financial
centres adopted the Casablanca Statement on Financial Centres for
Sustainability.
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