BoI Launches N825m Clean Energy Financing for SMEs

The Bank of Industry (BoI) has introduced an N825 million clean energy financing initiative to support a wide range of businesses, including small and medium enterprises (SMEs) and larger firms. This program was presented at a stakeholder event in Abuja by Ifeoma Uz-Okpala, the Executive Director of Risk Management at BoI.

The initiative is part of a broader $600,000 project facilitated by the Global Environment Facility (GEF) and the United Nations Industrial Development Organization (UNIDO), focusing on industrial energy efficiency and resource efficiency. Uz-Okpala explained that the program enables companies to invest in energy-efficient systems and cleaner product technologies, supporting renewable energy adoption and resource-efficient manufacturing processes across various sectors.

The initiative aims to enhance environmental performance and reduce production costs for businesses. Reuben Bamidel from UNIDO emphasized the importance of collaboration among government agencies and financial institutions to maintain momentum in resource efficiency practices nationwide.

Segun Ajayi Kadir, the Director General of the Investment Committee, noted that the program utilizes a risk-sharing mechanism to encourage private sector investment.