NGX eyes Nigeria’s Blue Economy with historic bond issuance push

The Nigerian Exchange Limited (NGX) is set to make history with plans to introduce Blue Bonds as part of a drive to unlock billions in funding for Nigeria’s maritime and blue economy sector.

Chief Executive Officer of the NGX, Jude Chiemeka, confirmed the move during a citizens’ and stakeholders’ engagement organised by the Ministry of Marine and Blue Economy in Lagos. He said the initiative, developed in collaboration with the ministry, aims to finance critical infrastructure and sustainability projects across the marine sector.

According to Chiemeka, proceeds from the Blue Bond issuance — to be facilitated through the Ministry of Finance — will be channelled into areas such as aquaculture, security enhancement, and sustainable port operations.

“We recognise that budgetary allocations alone are not sufficient. There are domestic and international investors looking for ESG-aligned instruments, and Blue Bonds tick all the boxes,” he explained.

He noted that Nigeria’s pension fund administrators, who currently manage about ₦25 trillion, could provide substantial backing, with just 5% of that portfolio capable of powering the bond issuance.

Chiemeka expressed confidence in its success, citing the oversubscription of past Green Bond offerings by both the federal government and the private sector.

The proposed Blue Bonds are expected to position Nigeria as a leader in Africa’s sustainable finance market, while also boosting economic activities tied to its vast coastline and marine resources.