Small and large enterprises across Nigeria are recording lower production costs and improved operational efficiency following access to a N825 million clean energy financing initiative by the Bank of Industry (BOI).
According to the bank, the funding, deployed under a $600,000 Global Environment Facility–United Nations Industrial Development Organisation (GEF-UNIDO) Industrial Energy Efficiency (IEE) and Resource Efficient and Cleaner Production (RECP) programme, has supported investments in energy-saving technologies and sustainable production systems across key sectors.
Speaking in Abuja at the presentation of the project’s financing results at the weekend, BOI’s Executive Director for Risk Management and IT, Mrs Ifeoma Uz’Okpala, said the initiative had shown how targeted financing could simultaneously drive industrial growth and environmental sustainability.
She explained that $550,000 of the total fund was channelled through BOI for on-lending to eligible industries, enabling businesses to adopt modern, energy-efficient equipment and cleaner production methods.
According to her, the intervention covered a wide range of solutions, including renewable energy systems, recycling infrastructure and resource-efficient production processes.
