Stakeholders Back Ethical Governance, Sustainable Finance

Stakeholders from Nigeria’s financial sector, development institutions and regulatory agencies have reaffirmed the need for ethical governance, sustainable finance and stronger public-private collaboration to build a resilient and inclusive African economy.

The commitment was made at the 2026 Financial Institutions Training Centre (FITC) Sustainability and ESG Conference, convened in partnership with Sterling Bank. The conference brought together financial sector leaders, policymakers and corporate executives to explore strategies for accelerating sustainable finance, strengthening governance frameworks and mobilising local capital to address Africa’s climate and development financing needs.

Speaking at the conference, the managing director and chief executive officer of FITC, Dr Chizor Malize, said climate resilience, social investment and institutional governance have become strategic imperatives rather than optional considerations.

She urged organisations to move beyond sustainability reporting to implementing practical solutions, stressing that Africa’s abundant natural resources and youthful population present a unique opportunity for long-term economic transformation if supported by accountable leadership and sound governance.

Also speaking, the chief executive officer of ONE Foundation, Olapeju Ibekwe, underscored the importance of impact investing in addressing the continent’s development challenges.

According to her, directing capital towards projects that deliver both financial returns and measurable social impact will help bridge Africa’s financing gap while promoting inclusive economic growth.

The Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN), Philip Ikeazor, disclosed that multilateral climate funds currently account for less than two per cent of Africa’s total climate financing, leaving domestic financial markets with a critical role in closing the funding gap.

He advocated the wider adoption of sustainable financing instruments such as green bonds and sustainability-linked loans to support Nigeria’s target of achieving net-zero emissions by 2060.

Ikeazor also urged financial institutions to integrate long-term environmental and climate risks into their lending and investment decisions, noting that Nigeria’s green financing strategy aims to mobilise blended capital to bridge an estimated $171 billion climate funding gap.

The conference also featured contributions from development partners and regulators, including the executive secretary and chief executive officer of the Financial Reporting Council of Nigeria (FRCN), Dr Rabiu Olowo, who emphasised the importance of sound governance and transparent reporting in attracting sustainable investment.

Participants concluded the conference by reaffirming their commitment to strengthening partnerships between the public and private sectors, mobilising local capital and implementing reforms needed to advance Africa’s sustainable development and economic resilience.