Nigeria’s Top Industry Bank Targets Climate-Resilient Economy
The Bank of Industry (BOI) has rolled out a new Sustainable Finance Framework aimed at supporting climate-friendly projects and promoting inclusive economic development in Nigeria.
Announced on Saturday, the bank described the framework as a key part of its mission to align with global environmental, social, and governance (ESG) practices. It also ties directly to BOI’s corporate strategy for 2025–2027, which places long-term development, environmental care, and social inclusion at the centre of its operations.
What Is Sustainable Finance?
According to global consultancy firm KPMG, sustainable finance refers to investment decisions that consider environmental and social factors. These include tools like green bonds, social loans, and ESG-aligned equities. By 2025, sustainable assets are expected to surpass $50 trillion, making up one-third of all managed investments globally.
Framework to Attract Global ESG Investors
The new framework gives BOI a solid structure for raising Green, Social, and Sustainability Bonds and Loans. These financial tools follow global standards from the International Capital Market Association (ICMA), Loan Market Association (LMA), and the Loan Syndications and Trading Association (LSTA).
To ensure credibility, BOI secured an independent review by S&P Global Ratings. The rating agency affirmed that the framework aligns with internationally accepted principles, increasing BOI’s appeal to investors seeking ethical and impactful opportunities in emerging markets.
BOI’s Focus: People, Planet, and Profit
At the core of the new plan is a triple-bottom-line approach People, Planet, and Profit. This model ensures that every investment made by the bank delivers not only economic returns but also social and environmental benefits.
BOI’s Managing Director and CEO, Dr. Olasupo Olusi, said the initiative reflects the bank’s shift toward full sustainability. “This framework marks a significant milestone in our journey to become a fully sustainable development finance institution,” he said. “It reflects our intent to finance businesses that create economic value while delivering measurable social and environmental impact.”
Backed by Global Goals
The framework supports key global agreements like:
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The UN Sustainable Development Goals (SDGs)
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The Paris Climate Agreement
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The Principles for Responsible Banking
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The Nigerian Sustainable Banking Principles
It also fits within the bank’s internal ESG and corporate social responsibility policies.
Priority Sectors for Impact
The new finance model will help the bank scale its impact in critical sectors, including:
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Renewable energy
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Clean transportation
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Agro-processing
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Healthcare
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Education
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Digital infrastructure
It also unlocks access to concessional and blended financing for local businesses working in these sectors.
Supporting Nigeria’s Economic Transformation
By focusing on climate-smart investments and inclusive finance, BOI aims to support national goals like:
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Job creation
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Export diversification
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Gender inclusion
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Climate resilience
With operations in 33 states, BOI remains Nigeria’s largest development finance institution. The bank provides funding and advisory services to support businesses of all sizes—from small start-ups to large-scale manufacturers.
