The Bank of Industry has formalized a partnership with Financial Sector Deepening Africa through a Memorandum of Understanding aimed at bolstering green financing initiatives in Nigeria.
This collaboration is designed to enhance BOI’s sustainability strategy by providing technical assistance, strategic guidance, and capacity development initiatives.
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.
Olusi added partnership will focus on developing decarbonization pathways and advancing adaptation finance initiatives, thereby enabling BOI to offer tailored lending solutions for climate-focused projects across the country.
“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 said.
He stated that the initiative supports BOI’s newly launched three-year strategic plan, which focuses on 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 noted.
Representing FSD Africa, Chief Financial Markets Officer Dr. Evans Osano Osano highlighted the urgency of the initiative, revealing that Nigeria’s annual climate finance gap is $27.2 billion. He stressed that closing this gap requires a mix of domestic capital mobilization 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 noted.
