In a strategic move to advance its sustainability agenda, the Bank of Industry (BOI) has signed the Transforming Financial Systems for Climate (TFSC) Grant Agreement with the French Development Agency (AFD). This key partnership marks a significant step towards achieving BOI’s green finance objectives and underscores its commitment to fostering innovation for a greener and more sustainable future.
The agreement, signed as part of BOI’s ongoing efforts to promote climate-conscious financing, will provide essential support for eco-friendly projects across various sectors. It is expected to unlock new opportunities for growth in industries such as the Creative and Digital sectors, where green innovation can play a transformative role.
Speaking at the signing ceremony, BOI’s Managing Director, Dr Olasupo Olusi, expressed the bank’s pride in taking this bold step toward sustainability. “This partnership with AFD strengthens our position as a leader in green finance, allowing us to further promote environmental sustainability while driving innovation in key sectors like Creative and Digital industries,” Pitan stated.
The TFSC grant, facilitated by AFD, will enhance BOI’s capacity to finance projects that focus on reducing carbon emissions, promoting renewable energy, and supporting eco-friendly technologies. It will also enable BOI to expand its green finance portfolio, providing more businesses with access to capital for environmentally responsible projects.
AFD’s Director in Nigeria, Pascal Grangereau, emphasized the importance of this collaboration in achieving global climate goals. “This partnership aligns with our mission to support climate-friendly initiatives worldwide. BOI’s commitment to green finance is commendable, and we are excited to work together to drive sustainable development in Nigeria.”
The agreement also signals a growing focus on sustainability in Nigeria’s financial sector, with BOI positioning itself as a key player in the nation’s transition to a low-carbon economy. As part of its long-term sustainability goals, BOI aims to finance a wide range of green projects, including renewable energy initiatives, waste management solutions, and climate-resilient infrastructure.
Beyond its immediate impact on green finance, the partnership opens doors for further collaboration in other innovative sectors. BOI is exploring ways to leverage its sustainability platform to boost the Creative and Digital industries, which have the potential to contribute significantly to Nigeria’s economic diversification and environmental goals.
With this partnership, BOI and AFD are driving forward Nigeria’s green finance agenda, positioning the nation as a leader in the global effort to combat climate change through sustainable investments. This collaboration is expected to serve as a model for future public-private partnerships aimed at achieving environmental and economic sustainability in Nigeria and beyond.
