The Bank of Industry (BOI) has signed a Memorandum of Understanding (MoU) with Financial Sector Deepening Africa (FSD Africa) to enhance green financing in Nigeria. The agreement, signed at the BOI headquarters in Lagos, aims to strengthen the bank’s capacity to fund climate-resilient projects and promote sustainability across the country.
Speaking at the signing ceremony, BOI’s Managing Director described the partnership as a significant step toward advancing climate finance and sustainability in Nigeria. He noted that the collaboration would provide a structured framework for expanding BOI’s climate financing portfolio and supporting enterprises committed to environmentally sustainable practices.
“The MoU establishes a robust framework for collaboration, enabling BOI to expand its climate financing portfolio and support enterprises committed to sustainability,” he stated.
According to him, the agreement will help BOI refine its sustainability strategy, develop decarbonization pathways, and advance adaptation finance initiatives. These measures will strengthen the bank’s ability to offer tailored lending solutions for climate-focused projects in Nigeria.
“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 added.
The initiative aligns with BOI’s newly launched three-year strategic plan, which prioritizes climate and green finance. With support from partners like FSD Africa, the bank aims to play a leading role in fostering sustainable development and driving positive change across Nigeria’s economic landscape.
The Chief Financial Markets Officer of FSD Africa, who represented the organization at the event, emphasized the urgency of scaling up green finance. He highlighted Nigeria’s annual climate finance gap, estimated at $27.2 billion, stressing that bridging this shortfall would require a combination of domestic capital mobilization and international investment.
“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 stated.
The partnership is expected to accelerate Nigeria’s transition to a low-carbon economy by supporting businesses that invest in sustainable solutions. Through this initiative, BOI and FSD Africa seek to create a more resilient financial ecosystem that enables climate-focused enterprises to thrive while contributing to the country’s long-term environmental and economic goals.
