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BOI, AFD Sign €2.5m Grant Agreement

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BOI, AFD Sign €2.5m Grant Agreement

By: Michael Mike

Bank of Industry (BOI) and the French Development Agency (AFD) have signed a grant agreement for €2.5 million delegated by the Green Climate Fund (GCF) which will further their partnership to fight climate change in Nigeria.

A statement on Thursday by the French Embassy in Nigeria, said France having committed more than €1.5 billion to the Green Climate Fund since 2019, it was only natural that the meeting took place at the French Embassy under the primary patronage of the French Ambassador to Nigeria and ECOWAS.

Earlier on August 23rd, 2022, BOI and AFD have signed a €100m credit-line for the expansion of green finance in Nigeria. This was approved under AFD’s Transforming Financial Systems for Climate (TFSC) Programme with the Green Climate Fund (GCF), a USD650 million-Programme developed in 17 countries for 100% climate investment projects.

The TFSC Programme focuses on financing investments that contribute to climate change mitigation or adaptation, specifically projects focused on renewable energy, low carbon and efficient energy generation, climate smart agriculture technologies, clean urban transportation and others.

With the BoI and AFD understanding the importance of mainstreaming Climate Finance within BOI’s strategy and operations; therefore, the grant agreement sets up a technical assistance scheme for BoI.

According to the statement, the objective is to build the capacity of BoI, thereby providing tools for effective identification and development of eligible bankable climate-related projects as well as improving the readiness of the bank’s customers to implement green practices in their operations.

The statement added that in this context, the implementation of the Environment and Social Governance framework provided for in the credit agreement will be an important part of the technical assistant mandate.

Managing Director/Chief Executive Officer, Bank of Industry, Mr. Olukayode Pitan, at the grant agreement signing ceremony, said: “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 mobilizing capital for green and sustainable investment. In addition to the line of credit, the € 2.5m Technical Assistance funds will support capacity building for BOI and its customers, thereby enabling the scaling of current efforts by BOI towards climate change mitigation and adaptation. This will contribute significantly to reducing Nigeria’s carbon foot print.

“With specific reference to Gender Equality, the technical assistant will support BOI in the development and implementation of professional gender equality and gender lens investing policies”

Country Director for AFD, Mr. Xavier Muron bearing in mind the Paris Agreement, recognized BoI’s commitment to embed sustainability in its business practices to drive strategic social, economic and environmental impact in the communities the Bank serves.

Needless to say that for BoI, a key financial actor supporting the country’s goal to reach carbon neutrality, having a strong technical assistance to build its climate finance strategy is paramount,
Pitan acknowledged the dedication of AFD, the GCF and its strategic partners to ensure a smooth and efficient implementation of this deal.

He said: “BOI welcomes its partnership with the AFD and GCF as it continues to implement President Muhammadu Buhari’s policies with respect to climate finance. We commend the professional approach adopted by these partners in delivering this technical assistance package. We are confident it will enhance BOI and its customers’ capacity and readiness for climate finance. We believe this is the beginning of a long and mutually beneficial relationship.”

Meanwhile, Muron appreciated the strong relationship BoI and AFD have been building and looks forward to further support the BoI in its activities towards achieving the SDGs.

BOI, AFD Sign €2.5m Grant Agreement

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UK Reaffirms Commitment Towards Economic Growth, Sustainable Development Across Nigeria

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UK Reaffirms Commitment Towards Economic Growth, Sustainable Development Across Nigeria

By: Michael Mike

The United Kingdom has reaffirmed its commitment to supporting inclusive economic growth and sustainable development across Nigeria as the country
navigates rising energy costs and the growing urgency of the climate crisis,

The British Deputy High Commissioner, Mr. Jonny Baxter made the commitment on Wednesday at his residence in Lagos in a statement at the second edition of W.O.M.A.N by Alitheia, a high-level forum for Women in Manufacturing, Agribusiness, and Nutrition and key stakeholders, hosted by Alitheia Capital, a pioneer in gender-lens impact investing private equity firm, in collaboration with Manufacturing Africa, a UK government programme focused on attracting Foreign Direct Investment into the manufacturing sector.

Themed “Scaling Sustainable Manufacturing & Energy Transition for Women-led SMEs in Africa,” this year’s edition brought together a dynamic mix of industry leaders, women entrepreneurs, investors, policymakers, and energy solution providers to explore the pivotal role of women-led businesses in Africa’s sustainable industrial transformation.

The discussions, according to a statement by the British High Commission in Nigeria. addressed the acute pressures SMEs face amid surging fuel prices and electricity tariffs – conditions that have made sustainable energy adoption both an environmental and economic imperative. Insights from Alitheia’s own portfolio reveals that adopting renewable energy can cut operational costs by as much as 60%, underscoring the financial viability of clean energy for scaling women-led businesses.

Participants examined practical pathways for women entrepreneurs to access clean energy solutions, scale sustainable manufacturing practices, and contribute meaningfully to Africa’s green economy.

In his remarks, the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter stated: “We are proud to collaborate with Alitheia Capital on W.O.M.A.N. (Women in Manufacturing, Agribusiness, and Nutrition) to drive Africa’s green industrial future. We recognise the indispensable role of women in this transition and are committed to expanding access to capital and capability to ensure sustainable growth. This event reflects our shared vision for inclusive and transformative development, and we are committed to supporting this journey through targeted investments and strategic private partnerships.”

Also speaking, Co-Founder and Managing Partner at Alitheia Capital, Tokunboh Ishmael said: “We are no longer just talking about sustainability as a nice-to-have. It’s an economic imperative, especially for women entrepreneurs at the heart of Nigeria’s industrial transformation and through W.O.M.A.N by Alitheia, we’re not only spotlighting solutions—we’re scaling them. In our own portfolio, we’ve seen up to a 60% reduction in energy costs among businesses that have adopted clean energy. This is proof that green transition is not only possible but profitable.”

The event also featured keynote addresses and panel discussions with industry leaders including Yemisi Iranloye (CEO, Psaltry), Affiong Williams (CEO, ReelFruit), Temilola Adepetun (Managing Director, SKLD), James Fabola (CFO, Arnergy Solar), Bukola Badmos (Executive Director & CFO, Starsight Energy), and Sarah Ogbewey, (Head, Strategic Partnerships, Renewable Energy & Mobility, Sterling Bank).

Alitheia Capital also launched Nzinga, its SME capacity-building platform designed to equip entrepreneurs with tools for scaling their businesses sustainably. In parallel, Manufacturing Africa unveiled its Green Business Building (GBB) accelerator, which will drive the growth of green businesses through strategic support on core business problems, leading to the development of an ecosystem for green manufacturing and green jobs in Nigeria.

The day closed with an ESG knowledge session, exhibitions from green energy and manufacturing solution providers, and a resounding call to action: expand access to capital, strengthen ecosystems, and enable policy that supports inclusive green industrialization.

UK Reaffirms Commitment Towards Economic Growth, Sustainable Development Across Nigeria

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French Government Calls for Collaboration to Protect Oceans for Plastic Threat

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French Government Calls for Collaboration to Protect Oceans for Plastic Threat

By: Michael Mike

The French government wants Nigeria, the rest of Africa and the global community to mobilise resources, policies and collaboration to protect the oceans from the dangers of plastic waste.

The French Deputy Ambassador to Nigeria,
Jean-François Hasperue, made the call on Wednesday in Abuja during a plastic waste awareness programme at the French Institute.

Hasperue said the call for a united front to tackle the challenge became necessary because plastic waste has become one of the most pressing environmental crises facing the globe, with oceans bearing the brunt of the escalating threat.

The envoy explained that from floating debris to microplastics embedded in marine organisms, the evidence of damage on the oceans has been overwhelming.

He said: ‘’Our panellists were explaining that the microplastics that are eaten by fish in the lagoon of Lagos might be eaten by people in Asia because fish have been taken by foreign boats and sold everywhere in the world. So yes, it’s a global issue that we need to address. And there is one specific issue, of course, we decided to address within the UN conference in Nice, is the one of biodiversity beyond national jurisdictions.

“Because it has been for too many years, a gap in which we have not been able to raise cooperation among countries to save these biggest parts of the oceans. And I expect that we will announce that we have reached the 60 signatories for ratification by the end of this week. So the BBNG will be able to be implemented starting the 1st of January 2026.”

According to Mr Hasperue, the French government is raising awareness in Nigeria particularly in Nigerian universities as part of global strategy to build capacity of students and also to rally support for empowering global local communities.

He said: “We are part of a global strategy of France, because of course we would like to act at different level. We act first globally, and that’s why we decided to welcome the UN Conference on Ocean, which is actually happening in Nice from the June 9th to the 13th this very week. And that’s why in the wake of this global conference, we wanted here in Nigeria and in Abuja to organise at our level a debate, but not only a debate here, but activities all over the month of June.

“And we had not less than 11 activities happening in six different states in Nigeria, first of all to raise awareness in Nigeria, but also to rally support for empowering global local communities.”

Hasperue underscored the importance of the UN Ocean Conference to addressing the dangers of plastic waste on oceans, noting that awareness creation remains very critical to ending the menace.

He added that: “We have to take into consideration that plastic, although it has been a solution at some point of history, that it has been now so massive, so huge, that it has become a problem. So now we have to better think how to better produce plastic, how to make sure that plastic is better recycled, and how we make sure that it will less affect all life all over the world.
They are part of a global strategy by France to not only act at the global level, but also at the level of the communities. So we have a double approach, top down, but also a bottom up, to make sure that we create the link between what we are doing on the global stage to raise awareness, but that it has a translation down to the local communities. In every country we are working with the governments and civil society organisations.”

The Deputy French Ambassor to Nigeria stressed that the French government is helping Nigerian universities with recycling plastic and micro plants as well as funding of projects in the universities.

He said: “We have a fund of 750,000, 100,000 euros now, which is about helping universities in recycling plastic. So within this project, we have two micro plants that will be given to Nile University and UNILAG to recycle plastic within the universities. We are also funding a project in five different universities.”

Similarly, Sebastien Bede, the Attaché for Scientific and Higher Education Cooperation at the French Embassy, pointed out that the French government has been cooperating with Nigerian partners to develop projects and implement solutions to plastic waste.
‘’So we have this project we call the French Embassy Fund to actually develop and implement solutions to tackle plastic pollution in Nigerian university campuses. And the idea is threefold. First, as previously the Deputy Ambassador said, to equip two universities here in Nigeria, UNILAG, Nile University in Abuja, with microplants to recycle plastic.

This comes with capacity building, with Plastic Odyssey, to train the staff and develop integrated solutions, which goes from collecting the plastic on the campus, sort it out, clean it, grind it, and then the final product. So we have the input and the output. So there’s been a collective reflection on what is the need here in Nigeria on the campuses.

About 17 Nigerian university students were awarded for their efforts in turning plastic waste to viable economic ventures.

French Government Calls for Collaboration to Protect Oceans for Plastic Threat

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OP-ED: “A RESCUE PLAN FOR SUSTAINABLE DEVELOPMENT”

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OP-ED: “A RESCUE PLAN FOR SUSTAINABLE DEVELOPMENT”

By: Michael Mike

This month, leaders will gather in Sevilla, Spain, on a rescue mission: to help fix how the world invests in sustainable development.

The stakes could not be higher. A decade after the adoption of the Sustainable Development Goals and many global commitments to finance them, two-thirds of the targets are lagging. And the world is falling short by over $4 trillion annually in the resources developing countries need to deliver on these promises by 2030.

Meanwhile, the global economy is slowing, trade tensions are rising, aid budgets are being slashed while military spending soars, and international cooperation is under unprecedented strain.

The global development crisis is not abstract. It is measured in families going to bed hungry, children going unvaccinated, girls being forced to drop out of school and entire communities deprived of basic services.

We must correct course. That begins at the Fourth International Conference on Financing for Development in Sevilla, where an ambitious, globally supported plan to invest in the Sustainable Development Goals must be adopted.

That plan should include three essential elements.

First, Sevilla must help accelerate the flow of resources to the countries who need it most. Fast.

Countries must be in the driver’s seat, mobilizing domestic resources by strengthening revenue collection and addressing tax evasion, money laundering and illicit financial flows through international cooperation. This would provide much-needed resources to prioritize spending on areas with the greatest impact such as education, healthcare, jobs, social protection, food security, and renewable energy.

At the same time, national development banks, regional and Multilateral Development Banks need to come together to finance major investments.

To support this, the lending capacity of these banks needs to triple so developing countries can better access capital on affordable terms with longer timelines.

This increased access should include re-channeling of unconditional reserve assets — or Special Drawing Rights — to developing countries, preferably through Multilateral Development Banks to multiply their impact.

Private investment is also essential. Resources can be unlocked by making it easier for private finance to support bankable development projects and by promoting solutions that mitigate currency risks and combine public and private finance more effectively.

Throughout, donors must keep their development promises.

Second, we must fix the global debt system. It is unfair and broken.

The current borrowing system is unsustainable, and developing countries have little confidence in it. It’s easy to see why. Debt service is a steamroller crushing development gains, to the tune of more than $1.4 trillion a year. Many governments are forced to spend more on debt payments than on essentials like health and education combined.

Sevilla must result in concrete steps to reduce borrowing costs, facilitate timely debt restructuring for countries burdened by unsustainable debt, and prevent debt crises from unfolding in the first place.

In advance of the conference, a number of countries put forward proposals to ease the debt burden on developing countries. This includes making it easier to pause debt service in times of emergency; establishing a single debt registry to strengthen transparency; and improving how the IMF, World Bank and credit-ratings agencies assess risks in developing countries.

Finally, Sevilla must raise the voice and influence of developing countries in the international financial system so it better serves their needs.

International financial institutions must reform their governance structures to enable greater voice and participation of developing countries in the management of the institutions they depend on.

The world also needs a fairer global tax system, one shaped by all governments — not just the wealthiest and most powerful.

The creation of a “borrowers club” for countries to coordinate their approaches and learn from one another is another promising step toward addressing power imbalances.

The meeting in Sevilla is not about charity. It’s about justice, and building a future in which countries can thrive, build, trade, and prosper together. In our increasingly interconnected world, a future of haves and have-nots is a recipe for even greater global insecurity that will keep weighing down progress for all.

With renewed global commitment and action, Sevilla can spark new momentum to restore a measure of faith in international cooperation and deliver on sustainable development for people and planet.

In Sevilla, leaders must act together to make this rescue mission a success.

OP-ED: “A RESCUE PLAN FOR SUSTAINABLE DEVELOPMENT”

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