BOI, FSD Africa to bridge $27.2bn climate finance gap in Nigeria

The Bank of Industry (BOI) has signed a Memorandum of Understanding (MOU) with FSD Africa to promote sustainable green financing in Nigeria.

According to the MoU, FSD Africa will deepen BOI’s sustainability finance proposition, providing technical assistance, strategic guidance, and capacity development initiatives.

This is just as the FSD Africa revealed that Nigeria has an estimated climate financing gap of $27.2bn.

Managing Director/Chief Executive Officer of BOI, Dr Olasupo Olusi, at the signing ceremony in Lagos said the partnership with FSD Africa is a critical step in the bank’s efforts to promote climate resilience and sustainability as one of the central pillars of its operations.

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Olusi said this will involve supporting the bank in strengthening its sustainability strategy, delivering decarbonisation pathways and advancing its adaptation finance initiatives.

He noted that 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.

“The MOU establishes a robust framework for collaboration, enabling BOI to expand its climate financing portfolio and support enterprises committed to sustainability. This partnership will deepen BOI’s impact in fostering climate-resilient economic growth across Nigeria,” he said.

Olusi added that the MOU aligns with BOI’s recently launched three-year strategic plan, which prioritises climate and green finance as key focus areas.

“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,” Olusi added.

Representing FSD Africa at the event, the Chief Financial Markets Officer, Dr Evans Osano, disclosed that Nigeria’s yearly climate finance gap is estimated at $27.2 billion.