BoI Launches N825m Green Fund for MSMEs in Nigeria

The Bank of Industry (BoI) has introduced an N825 million green fund designed to assist Micro, Small, and Medium Enterprises (MSMEs) in Nigeria with cost-cutting measures through energy efficiency and sustainability. Mr.

Ifeoma Uz Okpala, Executive Director of Risk Management at BoI, presented the initiative in Abuja, emphasizing that the fund aims to drive industrial growth while promoting environmental sustainability. A total of N550,000 of the project fund will be allocated to eligible industries to facilitate the adoption of modern energy-efficient equipment and cleaner production methods.

The intervention will cover a wide range of solutions, including renewable energy systems and resource-efficient product processes. The program is implemented in collaboration with the United Nations Industrial Development Organization (UNIDO) and the Global Environment Facility, ensuring broader participation within the industrial sector.

Dr. Reuben Bamidel from UNIDO highlighted the initiative's potential to scale resource-efficient practices nationwide, while Mr.

Segun Ajayi Kadir, Chair of the Project's Investment Committee, noted the incorporation of risk-sharing mechanisms to encourage private sector participation.