The Bank of Industry (BoI), in collaboration with UNIDO and other stakeholders, has mobilised about ₦825 million to support investments in renewable energy, energy efficiency, recycling, and cleaner production across Nigeria.
The funding was created through a First Loss Loan Guarantee Facility designed to de-risk green investments and encourage financing for environmentally sustainable projects.
Dr. Olasupo Olusi, Managing Director of BoI, represented by Executive Director, Risk and IT, Ifeoma Uzuokpala, disclosed this in Abuja at the closing ceremony of the Resource Efficient and Cleaner Production (RECP) and Industrial Energy Efficiency Programme.
He revealed that 23 enterprises across key sectors, including manufacturing, agro-processing, recycling, logistics, and light industry, have already benefited from the intervention. The projects are spread across Nigeria’s major industrial hubs.
According to Olusi, the guarantee pool, supported by the Global Environment Facility (GEF) and implemented by UNIDO in collaboration with BoI and the Manufacturers Association of Nigeria, has been fully utilised to drive investments in sustainable industrial practices.
“This programme demonstrates the impact of strategic partnerships and innovative financing in advancing sustainable industrial development in Nigeria,” he said. “From a risk management standpoint, it shows how risk-sharing instruments can unlock funding for environmentally friendly and innovative projects.”
He noted that the structure of the facility has enabled the bank to support new technologies while maintaining prudent risk standards. Beyond funding, the initiative has reinforced the economic value of sustainability, helping businesses improve efficiency, reduce costs, and enhance competitiveness.
Also speaking, Reuben Bamidele, UNIDO Programme Officer, explained that the initiative focuses on resource-efficient and cleaner production, as well as environmental performance in industries. He added that the programme is funded by the Global Environment Facility and implemented through key partners, including the Manufacturers Association of Nigeria.
The initiative underscores growing efforts by development finance institutions and global partners to accelerate Nigeria’s transition to cleaner, more sustainable industrial practices while expanding access to green financing.
