The Bank of Industry (BOI) has signed a Memorandum of Understanding (MOU) with FSD Africa, a leading agency dedicated to strengthening climate financing in financial markets across Africa, a significant milestone in its commitment to promoting sustainable finance in Nigeria.
Speaking at the signing ceremony held at BOI’s headquarters in Lagos, BOI Managing Director/CEO Dr. Olasupo Olusi said the partnership with FSD Africa is a critical step in the company efforts to promote climate resilience and sustainability as one of their central pillars of operations.
Dr. Olusi, who explained that the MOU aligns with BOI’s recently launched three-year strategic plan, which prioritizes climate and green finance as key focus areas, noted that with the support of strategic partners like FSD Africa, they are confident that they will continue to play a leading role in fostering sustainable development and driving positive change across Nigeria’s economic landscape.
Olusi, however said together with FSD they will pioneer innovative solutions that address the challenges of climate financing while unlocking opportunities for businesses and communities across Nigeria.
On his part, the Representative of FSD Africa at the event, the Chief Financial Markets Officer, Dr. Evans Osano, said the partnership with BOI in advancing sustainable finance is pivotal at this critical time as Nigeria’s annual climate finance gap is estimated at 27.2 billion dollars.
He noted that bridging the gap requires concerted effort including catalysing domestic capital in addition to international investments to drive sustainable investments.
Under the partnership, FSD Africa will deepen BOI’s sustainability finance proposition, providing technical assistance, strategic guidance, and capacity development initiatives.
This will also involve supporting the bank in strengthening its sustainability strategy, delivering decarbonisation pathways and advancing its adaptation finance initiatives.
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