The Bank of Industry (BOI) has signed a memorandum of understanding (MOU) with FSD Africa to promote sustainable green financing in Nigeria.Under this partnership, FSD Africa will deepen BOI’s sustainability finance proposition, providing technical assistance, strategic guidance and capacity development initiatives.
Speaking at the signing ceremony held at BOI’s headquarters in Lagos, the Managing Director/Chief Executive Officer of BOI, Dr Olasupo Olusi, said the partnership with FSD Africa is a critical step in the bank’s efforts to promote climate resilience and sustainability as one of the central pillars of its operations.
Olusi said it would involve supporting the bank in strengthening its sustainability strategy, delivering decarbonisation pathways and advancing its adaptation finance initiatives.
He noted that the resources will better position BOI to offer tailored lending solutions and business support for Nigerian climate-focused projects, further solidifying its position as a key driver of green finance in the country.
“The MOU establishes a robust framework for collaboration, enabling BOI to expand its climate financing portfolio and support enterprises committed to sustainability. This partnership will deepen BOI’s impact in fostering climate-resilient economic growth across Nigeria,” he said.
He said both institutions would pioneer innovative solutions that address the challenges of climate financing while unlocking opportunities for businesses and communities across Nigeria. Olusi said the MOU aligned with BOI’s recently-launched three-year strategic plan, which prioritises climate and green finance as key focus areas.
“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,” Olusi added.
Representing FSD Africa at the event, the Chief Financial Markets Officer, Dr Evans Osano, said that partnership with BOI in advancing sustainable finance is pivotal at this critical time.
According to him, Nigeria’s yearly climate finance gap is estimated at $27.2 billion, noting that bridging this gap requires concerted effort including catalysing domestic capital in addition to international investments to drive sustainable 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 stated.
