BoI Pledges To Lead Green Initiatives In Vital Sectors

The Bank of Industry (BoI), Nigeria’s leading Development Finance Institution (DFI), has reiterated its commitment to driving Nigeria’s development through the promotion of environmentally-friendly and sustainable projects across critical economic sectors.

Managing director of BoI, Dr. Olasupo Olusi, emphasised this during the Joint AADFI-ADFIAP Joint CEO Forum held yesterday in Abuja with the theme: “DFIs’ Strategic Role Towards A Climate-Smart Future.”

To facilitate its eco-friendly initiatives, Olusi disclosed that BoI has secured a 100 million Euro credit line from the French Development Agency (AFD). This notable funding injection is specifically designated for the expansion of green finance initiatives within Nigeria, highlighting the institution’s proactive stance in accessing climate-friendly funds.

Moreover, he noted that BoI is actively implementing an on-lending financing scheme through local financial institutions, aimed at supporting the transition of customers to clean energy solutions. This initiative, he observed, underlines the bank’s unwavering commitment to fostering projects that align with its environmentally-conscious agenda.

Dr. Olusi further revealed that BoI has collaborated with its partners to raise over $5 billion from international financial institutions over the last five years, adding that the bank intends to leverage these extensive partnerships to secure the resources necessary for building a climate-smart Nigeria, in alignment with President Tinubu’s vision.

Dr. Olusi outlined four key strategies for Development Finance Institutions (DFIs) to promote climate-friendly economic growth which include closing financing gap by strengthening institutions to attract affordable, long-term funding for green projects; intensifying climate commitments and accountability by actively participating in sustainability frameworks to ensure clear action and responsibility; focusing on renewable energy by investing significantly in renewable energy to support the 27 per cent renewable power generation goal by 2030 and leveraging convening power by fostering partnerships and direct investments into clean and sustainable activities, emphasising the need for coordination in climate initiatives.