BoI Pens £100m Agreement With France To Combat Climate Change In Nigeria
2 years ago 0He said, “This is the beginning of a long-term mutually beneficial relationship and a significant step for BoI as we scale up our green-lending capacity. Given the serious threat that climate change poses to equitable and sustainable development in Nigeria, it is critical for us at BoI to take the lead in mobilising capital for green and sustainable investment.”
The Country Director of AfD, Mr Xavier Muron, said that Nigeria was highly vulnerable to climate change with several regions likely to suffer from the effects of global warming. He said that Nigeria needs $400 billion which is between 6% to 13%of the country’s Gross Domestic Product (GDP). He said the credit line was a key milestone towards the achievement of the Paris Agreement and was timely since Nigeria looked forward to launching its Energy Transition Plan. He said “after this partnership, we hope that other financial institutions key into it as well as the needs are huge when it comes to climate change for some climate smart and friendly investments. As development institutions, we have to do something to help the government act, seeing that Nigeria is looking forward to implementing its net zero emissions by 2060. “We reiterate our commitment towards climate change with the project and are proud to work with the BoI,” he said.
Muron added that the financing package would also include a 2.5 million Euro grant dedicated to a technical assistance programme aimed at mainstreaming climate finance within BoI’s strategy and operations. “It will support capacity building for BoI and its customers, thereby providing tools for identification and development of bankable climate-related projects as well as improving the readiness of the bank’s customers to implement green practices in their operations. “This transaction also highlights both AfD’s and BoI’s longstanding commitment to achieving the UN’s Sustainable Development Goals (SDGs). This was disclosed by Mr Chukwudumije Igwe, Member, Project and Structured Finance, Sub Sahara Africa, Access Bank, at the Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria programme investor conference on in Lagos.