Nigeria’s yearly climate finance gap has been estimated at 27.2 billion dollars and to bridge this gap requires concerted effort including catalyzing domestic capital in addition to international investments to drive sustainable investments.
This was the step taken by the Bank of Industry (BOI) with the signing of a Memorandum of Understanding (MOU) with FSD Africa to promote sustainable green financing in Nigeria.
Speaking on the partnership at the signing ceremony held at BOI’s headquarters in Lagos, the Managing Director/Chief Executive Officer of BOI, Dr. Olasupo Olusi said the partnership with FSD Africa is a critical step in the bank’s efforts to promote climate resilience and sustainability as one of the central pillars of its operations.
Olusi said this will involve supporting the bank in strengthening its sustainability strategy, delivering decarbonisation pathways and advancing its adaptation finance initiatives.
The BOI MD, who explained that the MOU aligns with BOI’s recently launched three-year strategic plan, which prioritises climate and green finance as key focus areas, noted that together, both institutions will pioneer innovative solutions that address the challenges of climate financing while unlocking opportunities for businesses and communities across Nigeria.
He noted that the resources will better position BOI to offer tailored lending solutions and business support for Nigerian climate-focused projects, further solidifying its position as a key driver of green finance in the country.
Olusi added that with the support of strategic partners like FSD Africa, he is confident that BOI will continue to play a leading role in fostering sustainable development and driving positive change across Nigeria’s economic landscape.
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 the critical time, adding that they are excited about the bank’s commitment to promoting climate transition and driving Nigeria’s climate commitments towards net zero.
The MOU established a robust framework for collaboration, enabling BOI to expand its climate financing portfolio and support enterprises committed to sustainability.
About The Author
