Nigeria faces a staggering annual climate finance gap of $27.2 billion, a stark reminder of the urgent need for sustainable solutions. Recognizing this critical challenge, the Bank of Industry (BoI) has forged a strategic partnership with Financial Sector Deepening (FSD) Africa and the UK Government, marking a significant step towards bridging this gap and fostering a greener future for the nation.
This collaboration announced at a signing ceremony in Lagos, aims to unlock innovative financing mechanisms and support climate-resilient businesses across Nigeria. “This partnership is a transformative step in redefining sustainability efforts in Nigeria,” declared Olasupo Olusi, Managing Director/Chief Executive Officer of BoI. “It sets a new benchmark for green financing in the region and paves the way for a more sustainable and inclusive future.”
BoI, a key player in driving industrial growth in Nigeria, recognizes the critical role it must play in addressing climate change. To this end, the bank has established a dedicated Climate Financing Desk, a testament to its commitment to supporting adaptation and mitigation projects. This proactive approach will ensure that businesses have access to the necessary financial resources to transition to more sustainable practices and build resilience against the impacts of climate change.
Read Also:
Nigeria Attracts $6.7 Billion in Energy Investments in 2024, Driving Sector Growth
Nigerian Airlines to Receive Boost from Afreximbank Aircraft Financing
“This partnership demonstrates how global leadership and local ambition can converge to improve Nigeria’s sustainability landscape,” emphasized Dr. Olusi. He expressed gratitude to FSD Africa and the UK Government for their invaluable support, highlighting the crucial role of collaboration in achieving a sustainable and prosperous future for Nigeria.
Sally Woolhouse, Head of Economic Development, Climate, and Energy at the UK’s Foreign, Commonwealth and Development Office (FCDO), echoed this sentiment, emphasizing that this partnership represents a significant stride towards addressing Nigeria’s multifaceted challenges related to climate resilience and economic growth.
This collaboration between BoI, FSD Africa, and the UK Government offers a beacon of hope. By leveraging the expertise of these key players, Nigeria can unlock the potential of green finance, empower businesses to embrace sustainable practices, and build a more resilient and prosperous future for all its citizens.
