FSD Africa to Help BoI Expand Climate Financing Portfolio in Nigeria

This partnership will see FSD Africa providing technical assistance, strategic guidance, and capacity development initiatives to the lender.

A statement made available to Business Post disclosed that this would involve supporting the bank in strengthening its sustainability strategy, delivering decarbonisation pathways and advancing its adaptation finance initiatives.

These 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.

It was stated that the partnership represents the beginning of a transformative journey, creating a framework for innovative and impactful collaboration.

BoI and FSD Africa have reaffirmed their shared commitment to advancing the climate finance agenda in Africa and addressing the pressing challenges of climate change.

“This partnership with FSD Africa is a critical step in our efforts to promote climate resilience and sustainability as one of our central pillars of our operations.

“Together, we will pioneer innovative solutions that address the challenges of climate financing while unlocking opportunities for businesses and communities across Nigeria.

“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,” the chief executive of BoI, Mr Olasupo Olusi, said.

On his part, the Chief Financial Markets Officer for FSD Africa, Mr Evans Osano, said, “Our partnership with the BoI in advancing sustainable finance is pivotal at this critical time.

“Nigeria’s annual climate finance gap is estimated at $27.2 billion. 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.”