ABUJA — The Bank of Industry (BOI) has disbursed N825 million under a clean energy financing window to support Nigerian enterprises, in a move aimed at boosting industrial productivity while advancing environmental sustainability.
The funding forms part of a $600,000 Global Environment Facility–United Nations Industrial Development Organisation (GEF-UNIDO) Industrial Energy Efficiency (IEE) and Resource Efficient and Cleaner Production (RECP) project, with $550,000 channelled to BOI for on-lending to eligible industries.
The financing supports investments in energy efficiency, renewable energy solutions, cleaner production technologies, recycling infrastructure and resource-efficient production systems across multiple sectors.
Executive Director, Risk Management and ITD, GEF-UNIDO IEE and RECP, Mrs Ifeoma Uz’Okpala, disclosed this on Thursday in Abuja during the presentation of the programme’s results to national stakeholders and financial institutions.
She said the initiative demonstrated how targeted financing could unlock industrial growth while promoting environmental sustainability.
According to her, the programme enabled companies to adopt energy-efficient machinery, reduce production costs and improve environmental performance.
Uz’Okpala explained that the project, implemented with support from the Global Environment Facility and UNIDO, was executed in collaboration with the Manufacturers Association of Nigeria (MAN) to deepen industrial participation.
She added that both large and small enterprises benefited, with small businesses accessing grants and financing for equipment upgrades and cleaner technologies across manufacturing, agro-processing, hospitality, logistics and other value chains.
Also speaking, the National Programme Officer of UNIDO, Dr Reuben Bamidele, said the initiative aligns with Nigeria’s Programme for Country Partnership framework and holds strong potential for scaling up cleaner production practices nationwide.
He called for expansion of the financing model to reach more industries and accelerate Nigeria’s transition to green manufacturing, stressing the importance of sustained collaboration among government, financial institutions and development partners.
Chairman of the Investment Committee and Director-General of MAN, Mr Segun Ajayi-Kadir, noted that the programme deployed risk-sharing mechanisms to encourage investment in innovative technologies.
“The first-loss guarantee structure helped reduce lender risks while attracting private sector participation,” he said.
A representative of the Federal Ministry of Environment, Mr Kabiru Jeda, commended stakeholders for advancing environmental sustainability, noting that the programme aligns with Nigeria’s green growth objectives.
Meanwhile, the National Project Coordinator, Dr Jacob Oladapo, said the project helped industries identify practical ways to cut costs, improve productivity and reduce environmental impact through cleaner production methods.
He emphasised that access to financing remains the critical gap, adding that the engagement provided stakeholders with guidance on funding options, eligibility criteria and translating technical recommendations into viable investments.
