The Bank of Industry (BOI) has entered into a strategic partnership with FSD Africa to enhance green finance initiatives in Nigeria. This collaboration, formalized through a Memorandum of Understanding (MoU), aims to drive sustainable investments and promote environmentally friendly financing solutions across the country.
Through this agreement, FSD Africa will provide technical expertise, strategic advisory support, and capacity-building initiatives to strengthen BOI’s sustainability-focused financial services.
BOI Strengthens Climate Finance Strategy
During the MoU signing event held at BOI’s Lagos headquarters, the bank’s Managing Director and CEO, Olasupo Olusi, emphasized that the partnership is a major milestone in BOI’s commitment to climate resilience and sustainable economic growth.
Olusi highlighted that the collaboration will enable BOI to:
- Enhance its sustainability strategy, ensuring climate-focused financial solutions.
- Develop decarbonization pathways, helping businesses transition to greener operations.
- Expand adaptation finance initiatives, allowing enterprises to mitigate climate-related risks.
He stressed that these efforts will equip BOI with the resources needed to provide customized lending solutions and technical support for Nigerian businesses focused on sustainability.
“The MoU provides a strong foundation for cooperation, allowing BOI to scale up its climate finance offerings and back enterprises dedicated to environmental sustainability. This partnership will play a vital role in fostering a more climate-resilient economy in Nigeria,” Olusi stated.
Driving Innovation in Green Finance
The BOI chief also pointed out that this collaboration aligns with the bank’s three-year strategic roadmap, which places climate and green finance at the core of its development goals.
“With trusted partners like FSD Africa, we are confident that BOI will remain at the forefront of driving sustainable finance and accelerating Nigeria’s transition to a greener economy,” Olusi added.
Representing FSD Africa, Dr. Evans Osano, Chief Financial Markets Officer, described the partnership as timely and crucial in addressing Nigeria’s climate finance challenges.
According to Osano, Nigeria faces an annual climate finance gap of approximately $27.2 billion, making it essential to mobilize both domestic and international capital to support sustainability-focused investments.
“We are excited to support BOI in advancing its climate finance agenda. Nigeria’s transition towards a net-zero economy requires collaborative efforts, and we are proud to be part of this journey,” Osano remarked.
Accelerating Nigeria’s Green Economy
The BOI-FSD Africa partnership is expected to catalyze green investments, provide funding for climate-smart businesses, and promote financial instruments that align with global sustainability targets.
With Nigeria’s increasing focus on climate adaptation and economic diversification, this collaboration marks a significant step in positioning the country as a leader in green finance across Africa.
