The Bank of Industry (BOI) has attained accreditation from the Adaptation Fund as a National Implementing Entity (NIE), signifying a pivotal advancement in Nigeria’s climate action initiatives. This accreditation, which is valid for a period of five years, grants BOI the authority to directly access, manage, and allocate international climate finance to support adaptation projects across the nation.
With this recognition, BOI is now positioned to recommend and secure funding of up to US $10 million for individual projects and as much as US $20 million for comprehensive national programs. This access will enable Nigeria to respond effectively to pressing climate challenges, including flooding, drought, coastal erosion, and food insecurity, while promoting resilience within vulnerable communities.
Furthermore, this accreditation diminishes reliance on external intermediaries and empowers Nigeria to assert greater control over its climate financing strategies. It will also bolster projects that align with national priorities such as climate-smart agriculture, sustainable water management, renewable energy, and green infrastructure.
BOI’s accomplishment builds upon its established record of promoting sustainable finance. The institution has previously collaborated with organisations such as FSD Africa and the French Development Agency (AFD) to enhance environmental, social, and governance (ESG) standards and to strengthen local capacities for climate-oriented investments.
Looking forward, BOI will concentrate on developing a portfolio of priority adaptation projects, ensuring the transparent utilisation of funds, and engaging stakeholders from government sectors, the private sector, and local communities. The objective is to implement impactful projects that secure livelihoods, foster economic transformation, and contribute to Nigeria’s sustainable development goals.
This accreditation represents not only an opportunity but also a responsibility for BOI to mobilise additional resources, attract global partnerships, and deliver climate solutions that effectively address Nigeria’s most critical vulnerabilities.
