BOI, FSD Africa forge alliance on green finance

• Published On: 15 February 2025 at 20:11

The Bank of Industry has signed a Memorandum of Understanding with Financial Sector Deepening Africa to strengthen Nigeria's green financing initiatives.

This collaboration aims to strengthen the BOI's sustainability strategy by offering technical assistance, strategic guidance, and capacity development initiatives.

According to a statement, BOI's Managing Director, Dr Olasupo Olusi, stated during the signing ceremony at the BOI headquarters in Lagos that the partnership was an important step toward 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 told reporters.

Olusi added that the partnership will focus on developing decarbonization pathways and advancing adaptation finance initiatives, allowing BOI to provide tailored lending solutions for climate-focused projects across the country.

"This collaboration will strengthen the BOI's impact in promoting climate-resilient economic growth throughout Nigeria. "We will pioneer innovative solutions that address the challenges of climate financing while creating opportunities for businesses and communities," he added.

He stated that the initiative complements the BOI's recently released 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," said the governor.

Dr. Evans Osano Osano, Chief Financial Markets Officer of FSD Africa, emphasized the initiative's urgency, revealing that Nigeria has a $27.2 billion annual climate finance gap. He emphasized that closing this gap will necessitate a combination 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," observed him.