The Bank of Industry (BOI) has received accreditation from the Adaptation Fund as Nigeria’s National Implementing Entity, enabling it to attract and manage international financing for climate-related development projects across the country.
The Adaptation Fund, in its approval, confirmed that BOI had been accredited for a five-year period following recommendations from its Accreditation Panel. With this recognition, the bank can now directly access up to $10 million for a single climate adaptation project and a cumulative $20 million for multiple interventions nationwide.
BOI described the development as a major milestone, noting that Nigeria faces complex climate challenges ranging from rising temperatures and erratic rainfall to floods, droughts, and heatwaves. These disruptions, the bank added, continue to worsen vulnerabilities in agriculture, water resources, biodiversity, and public health, especially among the poorest communities.
The bank emphasized that climate change is threatening Nigeria’s progress toward the Sustainable Development Goals, particularly in areas tied to food security, health, and livelihoods. With the new mandate, it plans to channel resources into building resilience in vulnerable communities most exposed to environmental shocks.
The Adaptation Fund, created under the Kyoto Protocol of the United Nations Framework Convention on Climate Change, finances projects that help developing countries cope with the impact of climate change. Since 2010, it has committed around $1.25 billion to adaptation and resilience projects worldwide, funding 183 localized initiatives that have reached more than 45 million people in vulnerable communities.
This accreditation positions BOI at the centre of Nigeria’s climate resilience agenda, providing it with the capacity to mobilize global resources to support sustainable adaptation strategies.
