The Bank of Industry (BoI), yesterday said its primary objective is to accelerate the industrialization of the Nigerian economy by providing financial and business support services to environmentally-friendly and sustainable projects across key sectors of the economy.
The Managing Director, BoI, Olukayode Pitan said this at the 2nd Regional Roundtable on Creating World Class Sustainable Development Financial Institutions, through embracing holistic sustainability organised by the Africa Association of Development Finance Institutions (AADFI).
To this end, Pitan, also the Chairman of AADFI, said the €100million facility it recently accessed from the French Development Agency (AfD), would be channelled towards climate-resilient investments for mitigation and adaptation to climate change, toward promoting low-emission transition in Nigeria.
He also told participants that the $600million access from the Global Environment Fund (GEF)/Resource Efficiency and Cleaner Production (RECP) credit guarantee scheme will support the procurement of plant and machinery that will promote industrial energy efficiency.
Participants at the event included the Chairman of AADFI, Thambo Thamane, and its Secretary-General, Cyril Okoye; as well as Patricia Ojangole of the Ugandan Development Bank, and Chairman, International Council of Sustainability Standards and CEO, European Organisation for Sustainable Development (EOSD), Arshad Rab, among many others.
… last year, the Bank commenced the registration processes toward obtaining the Sustainability Standards and Certification Initiative (SSCI) accreditation.
He noted that since the launch of the Sustainable Development Goals (SDGs), there have been concerted efforts to ensure that sustainability is achieved with active and unwavering commitment from all stakeholders in the global ecosystem.
In furtherance of its sustainability objectives, he said BoI set up a full-fledged Environmental & Social Governance team in 2019, which manages its sustainability strategy and activities.
Prior to this, he recalled that in 2013, the Bank set up a group that supports renewable energy projects, and in partnership with the United Nations Industrial Development Organization (UNIDO), funded and inaugurated six mini-grid power solutions to provide solar energy to six rural communities across the six geo-political zones.
Thereafter, he said the benefitting communities have been enjoying 24-hour uninterrupted green power supply.
Additionally, he said the Bank has also integrated the Environmental and Social Management System (ESMS) framework into its end-to-end credit appraisal, approval, disbursement and credit monitoring activities.
He added that last year, the Bank commenced the registration processes toward obtaining the Sustainability Standards and Certification Initiative (SSCI) accreditation.
