The Bank of Industry (BOI) has launched a Sustainable Finance Framework aimed at supporting inclusive, climate-resilient economic growth in Nigeria. This new initiative is a key part of the bank’s 2025–2027 corporate strategy and is designed to guide its financing decisions in line with global sustainability standards.
According to a statement released by the bank on Saturday, the framework serves as a strategic roadmap to align BOI’s funding activities with international environmental, social, and governance (ESG) best practices. It also positions the bank to play a bigger role in driving sustainable development across various sectors in Nigeria.
The Divisional Head of Public Relations at BOI, Mrs Theodora Amechi, said the initiative is built to empower Nigerian enterprises while contributing to national and global goals such as the United Nations Sustainable Development Goals and the Paris Climate Agreement.
The Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, described the framework as a major step in the bank’s journey toward becoming a fully sustainable development finance institution. He said the bank’s focus is now firmly on projects that create not just economic returns but also measurable social and environmental impacts.
“This framework marks a significant milestone in our journey to become a fully sustainable development finance institution,” Olusi said. “It reflects our strategic intent to finance enterprises that deliver both economic value and measurable social and environmental benefits.”
The framework supports the bank’s use of a triple-bottom-line model—People, Planet, and Profit—ensuring that its investments go beyond financial gains to also deliver social inclusion and environmental protection. This approach is expected to help address some of Nigeria’s pressing challenges, including climate change, unemployment, gender inequality, and poor access to infrastructure.
Sustainable finance, as explained by global consulting firm KPMG, refers to investment practices that factor in environmental and social outcomes. It includes the use of financial tools such as green bonds, social bonds, and sustainability-linked loans to fund responsible businesses. Globally, the sustainable finance market is rapidly expanding, with sustainable assets under management expected to exceed $50 trillion by 2025, which would represent about one-third of all global investment assets.
The BOI said the new framework will enable it to raise Green, Social, and Sustainability Bonds and Loans in line with the latest guidelines from international bodies such as the International Capital Market Association (ICMA), the Loan Market Association (LMA), and the Loan Syndications and Trading Association (LSTA).
Importantly, the framework has received a second-party opinion from S&P Global Ratings, which confirmed that it aligns with international principles of sustainable finance. This independent evaluation is expected to boost investor confidence and attract more institutional investment into Nigeria’s ESG-compliant sectors.
Through the implementation of this framework, BOI plans to support businesses that are committed to responsible practices. It aims to unlock access to blended and concessional financing for projects that contribute to national development goals. Priority areas for funding include renewable energy, clean transportation, agro-processing, healthcare, education, and digital infrastructure.
Mrs Amechi said BOI’s commitment is not only to economic development but also to ensuring that businesses contribute positively to society and the environment. She noted that the bank is now better positioned to scale its impact across all sectors and regions of the country.
The bank also plans to use the framework to promote job creation, gender inclusion, and export diversification, which are key components of Nigeria’s long-term economic strategy.
As Nigeria’s oldest and largest development finance institution, the Bank of Industry plays a central role in providing financial and advisory support for the growth of small, medium, and large-scale enterprises. With operations in 33 states, the bank helps businesses with start-up funding, expansion, modernisation, and rehabilitation.
The Sustainable Finance Framework represents a new direction for BOI as it seeks to combine development goals with sustainability values, ensuring that future projects not only boost the economy but also build resilience for future generations.
