BOI’s N825m Clean Energy Financing Boosts Nigerian Industries
The Bank of Industry (BOI) says small and large enterprises have benefited from a N825 million clean energy financing window. The initiative is part of a 600,000-dollar GEF-UNIDO IEE and RECP project.
Of the total, 550,000 dollars were disbursed to BOI for on-lending to eligible industries. The funding supports investments in energy efficiency, cleaner production technologies, renewable energy solutions, recycling infrastructure, and resource-efficient production systems.
Mrs Ifeoma Uz’Okpala, Executive Director, Risk Management and ITD, GEF-UNIDO IEE and RECP, disclosed this during the presentation of the financing results to national stakeholders and financial institutions in Abuja on Thursday.
She said the programme demonstrated how targeted financing could unlock industrial growth while promoting environmental sustainability.
“The initiative enabled companies to adopt energy-efficient machinery, reduce production costs, and improve environmental performance,” she added.
She said the programme, implemented with support from the Global Environment Facility and the United Nations Industrial Development Organisation (UNIDO), involved collaboration with the Manufacturers Association of Nigeria to deepen industrial participation.
Uz’Okpala emphasised that both large and small firms benefited, with small businesses accessing grants and financing for equipment upgrades and cleaner technologies across manufacturing, agro-processing, hospitality, logistics, and other value chains.
Dr Reuben Bamidele, National Programme Officer, UNIDO, said the initiative was part of Nigeria’s Programme for Country Partnership framework and had strong potential for scaling up resource-efficient and cleaner production practices nationwide.
He called for expansion of the financing model to reach more industries and deepen Nigeria’s transition to green manufacturing, emphasising that partnerships among government, financial institutions, and development agencies were critical to sustaining gains.
Mr Segun Ajayi-Kadir, Chairman of the Investment Committee and Director-General of Manufacturers Association of Nigeria (MAN), said the programme leveraged risk-sharing mechanisms to encourage investments in innovative technologies.
“The first-loss guarantee structure helped reduce lender risks while attracting private sector participation,” he added.
Mr Kabiru Jeda of the Federal Ministry of Environment, commended stakeholders for promoting environmental sustainability, saying the programme aligned with Nigeria’s goals of green growth and reducing environmental impacts across industries.
Dr Jacob Oladapo, National Project Coordinator, said beyond technical support, the project helped industries identified practical opportunities to cut costs, improved productivity, and reduced environmental impact through cleaner production practices.
He emphasised that access to financing remained the critical missing link, adding that the session guided stakeholders on funding options, eligibility, and translating technical recommendations into real investments. #BOI’s N825m Clean Energy Financing Boosts Nigerian Industries#
