The Bank of Industry (BOI) has launched its Sustainable Finance Framework, signaling a pivotal shift toward aligning Nigeria’s industrial development efforts with global sustainability benchmarks. The framework, announced over the weekend, serves as a strategic blueprint to integrate environmental, social, and governance (ESG) principles into BOI’s operations and investment decisions.
This initiative reflects a growing global movement toward sustainable finance, which, according to KPMG, refers to financial instruments and investments that account for environmental and social impact. With sustainable assets under management expected to surpass $50 trillion by 2025, BOI’s move positions Nigeria to better engage with this expanding international capital ecosystem.
Embedding Sustainability into BOI’s Core Strategy
In a statement signed by Theodora Amechi, BOI’s Divisional Head of Public Relations, the framework is described as central to the bank’s 2025–2027 corporate strategy. It is designed to empower Nigerian enterprises with financial tools and capital access that promote long-term, inclusive, and climate-resilient development.
BOI’s Managing Director and CEO, Dr. Olasupo Olusi, emphasized the strategic nature of the move, saying:
“This framework marks a significant milestone in our journey to become a fully sustainable development finance institution. It reflects our strategic intent to finance enterprises that deliver both economic value and measurable social and environmental benefits.”
Alignment with Global Sustainability Standards
BOI’s framework is built on a solid foundation of internationally recognized sustainability principles. It aligns with:
- The UN Sustainable Development Goals (SDGs)
- The Paris Climate Agreement
- The Principles for Responsible Banking
- The Nigerian Sustainable Banking Principles
It also integrates BOI’s internal ESG structures, including corporate social responsibility policies and sustainability management practices. Central to this approach is the triple-bottom-line philosophy — People, Planet, and Profit — ensuring investments yield financial returns while advancing social inclusion and environmental protection.
Unlocking Access to Green, Social, and Sustainability Capital
A key benefit of the framework is its ability to help BOI raise Green, Social, and Sustainability (GSS) Bonds and Loans. These instruments, guided by the latest standards from international capital market bodies such as the International Capital Market Association (ICMA) and Loan Syndications and Trading Association (LSTA), will open new pathways to concessional and blended finance.
The framework has already received a second-party opinion from S&P Global Ratings, affirming its alignment with international best practices. This endorsement enhances BOI’s attractiveness to ESG-focused institutional investors seeking credible, impact-driven investment opportunities in emerging markets.
Driving Impact Across Key Sectors
Through the Sustainable Finance Framework, BOI aims to scale its developmental impact across several priority sectors, including:
- Renewable Energy
- Clean Transportation
- Agro-processing
- Healthcare and Education
- Digital Infrastructure
The framework is also expected to bolster national efforts in climate adaptation, job creation, gender inclusion, and export diversification — aligning development finance with the country’s broader economic and social goals.
BOI’s Ongoing Commitment to Industrial Transformation
As Nigeria’s oldest and largest development finance institution, the Bank of Industry continues to play a leading role in transforming the country’s industrial landscape. Operating in 33 states, BOI supports large, medium, and small-scale enterprises across sectors, providing financial and advisory services for new ventures, expansions, and industrial modernization.
With the Sustainable Finance Framework now in place, BOI is better positioned to deliver long-term, inclusive growth while responding proactively to the challenges and opportunities of a rapidly evolving global economic environment.