The Bank of Industry (BOI), said it has officially signed on to the United Nations (UN) Principles for Responsible Banking, thereby joining the group of global banks facilitating sustainable finance.
The Principles are derived from a single framework for a sustainable banking industry developed through a partnership between banks worldwide and the UN Environment Programme Finance Initiative (UNEP FI).
The Principles also ensure that banks’ strategy and practices align with the vision of the society’s future as set out in the UN Sustainable Development Goals (SDGs), and the Paris Climate Agreement.
Managing Director/Chief Executive Officer, BOI, Olukayode Pitan, in a statement, noted that banks that are signatories commit to ambitious sustainability strategies, mainstream and embed sustainability into the heart of their business, while allowing them to remain at the cutting-edge of sustainable finance.
This action is also in line with the Bank’s sustainability strategy aimed at transforming lives and enterprise responsibly through sustained interventions in economic development, environmental protection, social impact, ethics, governance and partnerships; improving the world for generations to come.
Pitan was quoted: “We are honoured to be the first Development Finance Institution in Nigeria to commit to the UNEF FI Principles for Responsible Banking alongside other leading DFIs in the international space. This global framework strengthens our approach to addressing the sustainable development challenges of our economy by critically analysing our market to identify pressing needs of our communities, environment and customers.
“This partnership, which is another pioneering effort for the Bank, is in line with our dedication to lead the Development Finance industry in Africa, to improve the overall strategic impact of our interventions towards environmental management, social development, industrialisation, and poverty alleviation through sustainable finance.
“Signatories to the Principles take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people and planet. These banks also join the world’s largest global banking community focused on sustainable finance, sharing best-practice and working together on practical guidance and pioneering tools of benefit to the entire industry.
“In line with BOI’s vision to be Africa’s leading Development Finance Institution transforming industries sustainably and operating under global best practices, the Bank is confident that these principles provide an opportunity for alignment with international standards for sustainable development, whilst lending credibility and authority to its institutional commitments.
“This action is also in line with the Bank’s sustainability strategy aimed at transforming lives and enterprise responsibly through sustained interventions in economic development, environmental protection, social impact, ethics, governance and partnerships; improving the world for generations to come.”
He noted that as Nigeria’s foremost DFI, the Bank will drive sustainable development through investment across the nation, while promoting social, environmental and economic development through our business operations and activities.