BOI Warns Climate Change Threatens Nigeria's Economy

The Bank of Industry (BOI) has declared that climate change is weakening the competitiveness and economic resilience of Nigerian enterprises, particularly in the manufacturing, agriculture, and infrastructure sectors. During a virtual inauguration session of the BOI Climate Resilience Knowledge Series, Mr. Rotimi Akind, Executive Director of Corporate Finance Risk Management at BOI, emphasized the urgent need for businesses to adapt to climate challenges.

He noted that rising temperatures, unpredictable rainfall, flash floods, and heatwaves threaten food security and erode livelihoods, particularly affecting farmers in Kebbi State, manufacturers in Kano, and communities in Lagos and the Niger Delta, especially Bayelsa State. Akind stated that BOI is taking deliberate steps to respond to climate change threats and called for targeted financing to help enterprises build resilience.

Mr. Ademola Ogundeyi, Group Head of Environment Social Governance at BOI, reiterated that climate change is a current reality affecting supply chains and communities in Nigeria. Mr. Eniola Akinset, Chief Sustainability Officer at BOI, highlighted the bank's commitment to supporting enterprises in adapting to climate pressures.