Caption: Officials of the Nigerian Exchange Group, Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), and DEG Impulse after signing the NGX Net-Zero Programme at the DEG Office in Cologne, Germany on Tuesday.
In its bid to help companies in the country develop credible transition plans and carbon projects that generate verifiable carbon credits, the Nigerian Exchange Group (NGX Group), on Tuesday in Cologne, German, signed a funding agreement with DEG Impulse gGmbH, a subsidiary of the German Development Finance Institution, DEG – Deutsche Investitions-und Entwicklungsgesellschaft mbH, part of KfW Bankengruppe, for the implementation of its flagship NGX Net-Zero Programme (N-Zero).
The agreement, the NGX Group said in a statement, will support the country’s economic resilience, promoting green investments, and contributing to a decarbonized future.
The move, the NGX continued, marks a major step forward in its efforts to strengthen climate resilience and promote low-carbon development across Nigeria’s private sector.
The multi-million-naira funding was secured under DEG Impulse’s develoPPP programme, which supports innovative private sector initiatives with high development impact.
N-Zero is designed to support businesses with the tools, frameworks, and technical guidance required to set, validate, and achieve science-based emission reduction targets. It aligns with Nigeria’s commitment to the Paris Agreement and the global goal of limiting temperature rise to 1.5°C.
Speaking on the landmark deal, Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, said the agreement “marks a significant milestone in our sustainability journey. This partnership demonstrates strong confidence in our vision to drive sustainable finance, build a climate-conscious private sector in Nigeria and champion climate action across Africa.
“Through N-Zero, we aim to translate ambition into measurable impact by reducing emissions and positioning Nigerian corporates to benefit from emerging opportunities in the global carbon market,” he stressed.
Also speaking at the ceremony, Alhaji (Dr.) Umaru Kwairanga, Group Chairman of NGX Group, said the “initiative represents a bold step toward positioning NGX Group at the forefront of climate leadership in Africa. As we activate the N-Zero Programme, we reaffirm our long-standing commitment to innovation, sustainable development, and creating long-term value for the Nigerian economy. It is our firm belief that capital markets must play a central role in delivering climate solutions, and this partnership is a model for what is possible when global institutions collaborate with local expertise”.
In his comment, Dr. Hubertus Pleister, Managing Director of DEG Impulse, “with the support of the German Federal Ministry of Economic Cooperation and Development (BMZ), the develoPPP initiative contributes to NGX’ transformation journey by addressing climate risks and advancing sustainability through strategic and innovative collaboration – reinforcing our shared commitment to building resilient capital markets and enabling long-term impact.”
The “NGX’ N-Zero Programme” will run from June 2025 to April 2027 and is expected to reduce or avoid 20,000 tons of greenhouse gas emissions. It will support at least 26 businesses in implementing environmental and social standards and provide access to carbon markets through credit registration and emissions offsetting.
This partnership, it continued, underscores NGX Group’s commitment to the United Nations Sustainable Development Goal 13 (Climate Action) and its role in advancing Nigeria’s transition to a more sustainable and inclusive economy.
