FMDQ Group PLC and Financial Sector Deepening (FSD) Africa – the implementing partners of the Nigerian Green Bond Market Development Programme organised a two-day event in Lagos, to introduce the concept of gender bonds to key market players within the Nigeria financial markets space.
The event, according to FMDQ statement, examined the state of gender equality in Nigeria and discussed the opportunities for Nigerian issuers and investors to use gender-sensitive/intentional approaches in bridging the gender finance gap in Nigeria.
The statement said it also afforded potential issuers an opportunity to learn from the Tanzanian experience in navigating the issuance process of a gender bond.
“External shocks such as pandemics, climatic disruptions, and economic downturns, have continuously had adverse impacts on humanity, with vulnerable groups, such as women, and their businesses being badly hit.
“Consequently, financial market players globally, as well as in Africa, are now empowering women and expanding their access to finance and economic inclusion through a debt market instrument that seeks to support the advancement and equality of women – the gender bond,” it said.
It noted that although at its emerging stage, understanding the gender bond framework for Nigeria’s debt market can play a crucial role in supporting the efforts to attain the United Nations (UN)’s 2030 Sustainable Development Goals (SDGs) 5 and 10 – Gender Equality and Reduced Inequalities, respectively.
In attendance at the event were the Deputy High Commissioner, British Deputy High Commission, Lagos, Ben Llewellyn-Jones; United Nations Women Country Representative to Nigeria, Ms. Beatrice Eyong; Chief Executive Officer, FMDQ Group PLC, Bola Onadele Koko; Chief Executive Officer, NMB Bank PLC, Ms. Ruth Zaipuna; and Principal Specialist, Capital Markets, FSD Africa, Ms. Mary Njuguna, among other market stakeholders.
The implementing partners of the programme reiterating their commitment to support institutions willing to bridge the gender finance gap, as well as other sustainable financing gaps in Nigeria, through financial instruments like sustainable or sustainability-linked bonds i.e., gender bonds, green bonds, blue bonds, social bonds, etc.
Sustainable finance
The first day featured a Breakfast Session for C-Suite Executives, and highlighted the impact sustainable finance can have in driving women’s economic empowerment, as well as increased participants’ knowledge and awareness of gender bond.
Welcoming participants to the event, Onadele was quoted as giving a broad overview of the Programme’s achievements from its inception in 2018 till date in the areas of policy advisory, technical support for green bond issuances, and market capacity building.
He challenged everyone within their individual areas of expertise to be encouraged by the progress of the programme as it relates to green bonds and similarly pushes the envelope with gender bonds as we continue to develop and entrench the principles of sustainability in the Nigerian capital markets whilst facilitating prosperity for all.
The Breakfast Session featured a panel discussion themed: “The Role of Financial Markets in Strengthening Gender Financing in Nigeria,” with panellists making a case for investing in women owned/led businesses, women-focused initiatives and the urgency for closing the $42billion gender financing gap in Africa.
Also, they reiterated the importance of leveraging sustainable and innovative financial instruments such as gender bonds in financing women owned/led businesses.
The second day presented a Masterclass, which featured a deep-dive into the modalities surrounding the issuance of NMB Bank PLC’s first gender bond in Tanzania (Jasiri Bond). The Treasurer of NMB Bank PLC, during his session, stirred the zeal of potential issuers to the impact of women empowerment through a gender bond as he shared the stories of the beneficiaries of the NMB Bank PLC’s Jasiri Bond.
Sustainalytics, a global leader in Environmental, Social and Governance (ESG) research, and a technical partner for the gender bond awareness sessions listed the key steps required for a gender bond issuance.
They include the development of a framework, disclosure of information to an external reviewer, documentation of a second opinion, development of a pre-issuance report, and annual documentation of the impact of the gender bond.
The event ended with the implementing partners of the programme reiterating their commitment to support institutions willing to bridge the gender finance gap, as well as other sustainable financing gaps in Nigeria, through financial instruments like sustainable or sustainability-linked bonds i.e., gender bonds, green bonds, blue bonds, social bonds, etc.
The Programme was launched in 2018 to create awareness and education on green finance, whilst serving as the primary vehicle to explore and implement initiatives geared towards accelerating the development of the Nigerian Green Bond Market and supporting broader debt market reforms that impact green bonds, through its Implementing Partners, FMDQ Group and FSD Africa.
FMDQ Group is reputed as Africa’s first vertically integrated financial market infrastructure (FMI) group, strategically positioned to provide registration, listing, quotation and noting services among others.
FSD Africa is a specialist development agency established in 2012 by the UK Government working to make finance work for Africa’s future, with presence in over 30 African countries.
