The Nigerian Exchange Group (NGX) has embarked on a transformative journey towards promoting sustainable finance and climate resilience within Nigeria’s private sector. This ambitious endeavor, known as the NGX Net-Zero Programme (N-Zero), has received a substantial financial boost through a multi-billion naira funding agreement with DEG Impulse gGmbH, a subsidiary of the German Development Finance Institution. Secured under DEG Impulse’s develoPPP initiative, this funding underscores the significance of N-Zero’s objectives and its potential for driving impactful development within Nigeria and potentially across the African continent. This collaborative effort is designed to empower businesses with the necessary resources and expertise to actively participate in the global transition towards a low-carbon future, aligning with Nigeria’s commitment to the Paris Agreement and the crucial goal of mitigating climate change.
The N-Zero program represents a strategic response to the pressing need for effective climate action within the private sector. Its core mission is to equip Nigerian businesses with the knowledge, tools, and frameworks required to establish, validate, and ultimately achieve science-based emission reduction targets. This structured approach will facilitate the development of comprehensive transition plans, guide companies towards adopting sustainable practices, and contribute to a measurable reduction in carbon emissions. By fostering a culture of climate consciousness within the private sector, N-Zero aims to catalyze a shift towards a more sustainable and resilient economy, strengthening Nigeria’s commitment to global climate goals.
Central to the N-Zero program is the establishment of robust partnerships with leading global climate experts. Collaborations with organizations like Africa Foresight Group will provide invaluable support to businesses navigating the complexities of carbon reduction strategies. This collaborative framework will empower companies to develop and implement effective carbon projects, leading to the generation of verifiable carbon credits. These credits can then be utilized to offset emissions and further incentivize sustainable practices, creating a positive feedback loop that promotes both environmental responsibility and economic growth. This approach will not only contribute to decarbonizing the Nigerian economy but will also position businesses to attract green investments and enhance their competitiveness in the global market.
The leadership of NGX Group has expressed profound optimism about the potential of the N-Zero program and the transformative impact it can have on Nigeria’s sustainable development trajectory. Temi Popoola, the Group Managing Director and Chief Executive Officer of NGX Group, has hailed the partnership with DEG Impulse as a pivotal milestone in the company’s commitment to sustainable finance. This collaboration, he emphasized, reflects a strong vote of confidence in NGX’s vision to spearhead climate action across Africa and build a climate-conscious private sector within Nigeria. The infusion of funding and expertise will significantly bolster NGX’s capacity to drive impactful change and solidify its position as a leader in sustainable finance.
Umaru Kwairanga, the Group Chairman of NGX Group, has highlighted the significance of N-Zero in positioning NGX at the forefront of climate leadership in Africa. He emphasizes the crucial role that capital markets must play in delivering effective climate solutions and views the partnership with DEG Impulse as an exemplary model for successful collaboration between global institutions and local expertise. This strategic alliance leverages the strengths of both partners, combining international best practices with a deep understanding of the Nigerian context to create a truly impactful and sustainable initiative.
The partnership with DEG Impulse, supported by the German Federal Ministry of Economic Cooperation and Development through the develoPPP initiative, is a testament to the commitment of both organizations to fostering sustainable development. Hubertus Pleister, Managing Director of DEG Impulse, notes that the develoPPP initiative plays a crucial role in supporting NGX’s transformation by addressing climate risks and advancing sustainability through strategic collaboration. This collaborative approach, he emphasizes, is essential for achieving long-term impact and promoting sustainable economic growth, reinforcing the importance of partnerships in tackling global challenges like climate change. The N-Zero program stands as a powerful example of how strategic collaborations can unlock transformative potential and drive meaningful progress towards a more sustainable future.
