In a bold move to tackle Nigeria’s annual climate finance shortfall of $27.2 billion, the Bank of Industry (BoI) has entered into a strategic partnership with Financial Sector Deepening (FSD) Africa and the United Kingdom Government. This collaboration aims to unlock innovative financing solutions to support climate-resilient businesses and accelerate Nigeria’s transition to a greener economy.
The partnership was formally announced during a signing ceremony in Lagos, marking a significant milestone in Nigeria’s sustainability efforts. Speaking at the event, BoI’s Managing Director and Chief Executive Officer, Olasupo Olusi, described the initiative as a game-changer in green financing for the country.
“This partnership is a transformative step in redefining sustainability efforts in Nigeria. It sets a new benchmark for green financing in the region and paves the way for a more sustainable and inclusive future,” Olusi stated.
As Nigeria’s leading development financial institution, BoI has recognized the urgent need to address climate change and mitigate its economic impact. In response, the bank has established a dedicated Climate Financing Desk to support businesses in their adaptation and mitigation strategies. This initiative will provide enterprises with access to essential funding, enabling them to transition to more sustainable operations and enhance resilience against climate-related risks.
Dr. Olusi underscored the importance of collaboration in advancing Nigeria’s climate agenda. “This partnership demonstrates how global leadership and local ambition can converge to improve Nigeria’s sustainability landscape. We are grateful to FSD Africa and the UK Government for their invaluable support,” he added.
Representing the UK Government, Sally Woolhouse, Head of Economic Development, Climate, and Energy at the UK’s Foreign, Commonwealth and Development Office (FCDO), reaffirmed the significance of this initiative. She emphasized that the partnership aligns with the UK’s commitment to promoting economic growth and environmental resilience in Nigeria.
“This collaboration represents a crucial step in addressing Nigeria’s interconnected challenges of climate resilience and economic development. By working together, we can drive impactful solutions that will not only benefit businesses but also enhance the country’s overall sustainability,” Woolhouse noted.
The alliance between BoI, FSD Africa, and the UK Government signals a new era of climate financing in Nigeria. With innovative funding mechanisms and strategic support, businesses across the country will be empowered to adopt sustainable practices, contributing to a greener and more prosperous future.
As the global focus on climate action intensifies, Nigeria’s ability to mobilize climate finance remains critical. This partnership provides a promising pathway to bridging the funding gap, unlocking green investments, and positioning Nigeria as a leader in sustainable economic development.
