The Bank of Industry, on behalf of the Federal Government of Nigeria, plans to introduce a financing scheme to support the adoption of clean energy solutions. This announcement was made by the Managing Director/CEO of the Bank of Industry, Dr Olasupo Olusi, during the AADFI-ADFIAP Joint CEO Forum in Abuja.
Olusi emphasized the importance of ensuring that institutions are strong enough to attract affordable long-term finance for green projects. He also mentioned that the Bank of Industry has been actively securing climate-friendly funds, including a recent credit line of 100 million Euros from the French Development Agency. The bank is currently implementing a financing scheme through local financial institutions to assist customers interested in clean energy solutions.
Olusi expressed the bank’s commitment to seeking funding partners to support their climate change agenda. He acknowledged the significant impact of climate change and emphasized the role of development financial institutions (DFIs) in mobilizing resources for national development. As Nigeria’s leading DFI, the Bank of Industry aims to support environmentally friendly and sustainable projects across key sectors of the economy. The bank has made significant investments in renewable energy projects and aims to contribute to Africa’s goal of achieving 27% renewable power generation by 2030.
In the past five years, the Bank of Industry has raised over $5 billion through partnerships with international financial institutions. They intend to leverage these partnerships to secure the necessary resources for building a climate-smart Nigeria. The AADFI-ADFIAP Joint CEO Forum brings together development finance institutions from Africa, Asia, and the Pacific, representing 33 countries across four continents.
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