The Development Bank of Nigeria (DBN) Plc, Financial Centre for Sustainability Lagos (FC4S Lagos), and Nigeria Climate Innovation Centre (NCIC) have signed an MoU to fund green projects in Nigeria.
The MoU will see DBN fund such projects while NCIC and FC4SL are the service providers, DBN said in a statement yesterday.
It said the goal of the MoU is to create a dedicated fund for green projects within the Micro, Small, and Medium Scale Enterprises (SMEs) ecosystem. This will ensure that the MSMEs have access to finance to execute climate-resilient and green projects.
The Executive Director, Finance & Corporate Services of DBN, Mrs Ijeoma Ozulumba, stated that, “We are particularly excited about this partnership because it aligns with our mandate as a development finance institution and also, with our corporate values”.
Mr Emmanuel Etaderhi, Executive Secretary of FC4S Lagos, said, “The Green MSMEs Fund is critically important to easing access to finance for MSMEs that are implementing low-carbon, climate-resilient projects as this will contribute towards the achievement of Nigeria’s NDCs and the United Nations’ 2030 Sustainable Development Goals.”
Mr Bankole Oloruntoba, MD/CEO of the NCIC, said the core of NCIC duties is to create linkages for Green SMEs and mid-sized companies operating in several gaps in the Emerging Green Economy. These linkages include access to finance, capacity building, access to markets, prototype design, etc. for the Green MSMEs and financing organisations.
