Finance

Bank of Industry disburses €100m to Boost Green Energy Expansion in Nigeria.

FG unveils conditional grant scheme for traders

The Bank of Industry (BOI) has secured a €100 million in financial backing from the French Development Agency to support the expansion of green energy and create a climate-friendly environment in Nigeria. Dr. Olasupo Olusi, CEO of BOI, announced the disbursement during the Joint CEOs Forum of the Association of African and the Association of Development Financial Institutions of Asia. The funds aim to promote an eco-friendly environment, foster economic growth, and contribute to a climate-resilient economy in Africa and Asia.

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BOI has already initiated a lending financing scheme through local banks to support Nigerians interested in adopting clean energy solutions. Dr. Olusi stressed the importance of collaboration among member nations to invest in renewable energy.

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Thabo Thamane, Chairman of AADFI, warned about potentially severe consequences for least-developed countries, particularly in Africa, Asia-Pacific, and Latin America, if strategic actions are not taken to combat climate change.

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Emmanuel Tutuba, the Governor of the Bank of Tanzania, highlighted the significance of the gathering in contributing to the improvement of economies in both continents. Nigeria’s Minister of Industry, Trade, and Investment assured participants of the government’s commitment to exploring opportunities in renewable energy for rapid development.

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