The Bank of Industry has been accredited by the board of Adaptation Fund to act as implementation entity for the latter’s climate related interventions in the country.
The fund, in its approval notice stated that it resolved to accredit the bank as a National Implementing Entity (NIE) of the intervention for five years.
Managing Director/Chief Executive, BoI, Olasupo Olusi, said the certification will enable the bank to access about $10 million for a single climate adaptation project and a total of $20 million for nationwide interventions.
The development was contained in a statement issued yesterday by Divisional Head, Public Relations, BoI, Theodora Amechi.
The recognition effectively positions the development finance bank to recommend and attract funding to finance projects in communities affected by adverse climate conditions.
Climate change presents critical and multifaceted challenges for Nigeria, impacting many sectors and exacerbating existing vulnerabilities, the statement noted.
It said increased temperatures, erratic rainfall patterns, and rising sea levels are leading to more frequent and extreme weather events, such as floods, droughts, and heatwaves, which affect agriculture, water resources, biodiversity, and human health.
