As part of initiatives designed to maximise growth and boost local investments, the Bank of Industry (BoI) has announced that it will explore new investments in green finance, modular refineries and also improved access to business funding.
It would be recalled that in November 2023, BOI acquired a €100 million credit line from the French Development Agency (AFD) to fund an on-lending financing scheme designed to support the adoption of clean energy solutions.
A statement by the bank states that BoI’s project portfolio reflects a significant investment in renewable energy projects through which it is working to contribute to the continental ambition of 27% of renewable power generation by 2030.
This commitment was reiterated by the Managing Director of BoI Olasupo Olusi during a visit to the Waltersmith Refinery in Ibagwa, Imo State, where BOI, the Nigerian Content Development and Monitoring Board (NCDMB), and Waltersmith launched a partnership aimed at fostering local content production to support the country’s efforts to mitigate inflation and other economic challenges.
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The statement added that “Entering into 2024, BOI had announced plans to disburse N75 billion in loans targeted at Micro, Small, and Medium Enterprises (MSMEs), in line with the federal government’s commitment to support Nigerian businesses.”
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