5 days ago
36 ARTICLE AD
The Bank of Industry has signed a Memorandum of Understanding with the development agency Financial Sector Deepening Africa to strengthen green financing in Nigeria.
According to a statement, the Managing Director of BOI, Dr Olasupo Olusi, stated in the signing ceremony held at the BOI headquarters in Lagos that the partnership was a crucial step towards promoting climate resilience and sustainability in the bank’s operations.
“The MoU establishes a robust framework for collaboration, enabling BOI to expand its climate financing portfolio and support enterprises committed to sustainability,” Olusi said.
He noted that the agreement would help BOI refine its sustainability strategy, develop decarbonisation pathways, and advance adaptation finance initiatives.
Olusi added that these efforts would enhance the bank’s ability to offer tailored lending solutions for climate-focused projects in Nigeria.
“This partnership will deepen BOI’s impact in fostering climate-resilient economic growth across Nigeria. Together, we will pioneer innovative solutions that address the challenges of climate financing while unlocking opportunities for businesses and communities,” he stressed.
Olusi explained that the initiative aligns with BOI’s newly launched three-year strategic plan, which prioritises climate and green finance.
“With the support of strategic partners like FSD Africa, we are confident that BOI will continue to play a leading role in fostering sustainable development and driving positive change across Nigeria’s economic landscape,” he said.
The Chief Financial Markets Officer of FSD Africa, Dr Evans Osano, who represented the organisation at the event, emphasised the urgency of the initiative.
Osano revealed that Nigeria’s annual climate finance gap stands at $27.2bn, stressing that bridging this deficit requires a combination of domestic capital mobilisation and international investments.
“We are excited about the bank’s commitment to promoting climate transition and driving Nigeria’s climate commitments towards net zero, and we are happy to be part of this journey,” he declared.
