BOI, UNIDO, others support N825million investment in renewable energy
The Bank of Industries BOI and other stakeholders have established a guarantee pool of approximately ₦825 million through the first loss loan guarantee facility to support investments in energy efficiency,
- By Franca Ochigbo, Abuja
The Bank of Industries BOI and other stakeholders have established a guarantee pool of approximately ₦825 million through the first loss loan guarantee facility to support investments in energy efficiency, cleaner production, recycling, and renewable energy.
The Managing Director of the Bank of Industries, Dr. Olasupo Olusi, represented by the Executive Director of Risk and IT Ifeoma Uzuokpala disclosed this in Abuja at an event hosted by the Global Environment Facility GEF, UNIDO, Resource Efficient and Cleaner Production, RECP, Manufacturing Association of Nigeria (MAN). She stated that 23 enterprises across key sectors have benefited from these funds.
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The MD said the enterprises that benefited are in manufacturing, agro-processing, recycling, logistics, and light industry. These sectors have all benefited from this intervention, with a broad geographic spread across Nigeria’s major industrial hubs.
He disclosed this at the closing ceremony of the resource efficient and cleaner production and industrial energy efficiency programme in Abuja.
He stated that through the First Loss Loan Guarantee Facility—supported by GEF and implemented by UNIDO in collaboration with the Bank of Industry and MAN—a guarantee pool of approximately ₦825 million was established and fully utilized to support investments in energy efficiency, cleaner production, recycling, and renewable energy.
He noted, "This programme is a strong demonstration of what can be achieved through strategic partnership and innovative financing in advancing sustainable industrial development in Nigeria. From a risk management perspective, this programme highlights the effectiveness of risk-sharing instruments in unlocking financing for innovative and environmentally sustainable projects.
The guarantee structure has enabled the Bank to support new technologies while maintaining prudent risk standards. Beyond financing, the programme has reinforced an important message, that sustainable industrial practices are not only environmentally responsible but also economically beneficial, improving efficiency, reducing costs, and enhancing competitiveness.
Speaking, the UNIDO programme Officer, Reuben Bamidele explained that the programme focuses on resource efficient cleaner production and environmental efficiency, funded by the Global Environment Fund and implemented by UNIDO. The implementation modality requires UNIDO and other implementing partners to appoint project-executing entities; for this project, the Manufacturers Association of Nigeria is a key partner.
