The Development Bank of Nigeria (DBN) has received accreditation from the Green Climate Fund, to access green financing for Nigeria’s manufacturing sector, among others.
In a statement, DBN Managing Director Tony Okpanachi noted that DBN’s accreditation was a collaboration that would boost Nigeria’s fight against the effects of climate change, such as desertification, global warming, unpredictable rainfall patterns, storms, and floods.
He stated that the accreditation would support sustainable development and promote environmentally friendly technologies in key sectors, including agriculture, manufacturing, healthcare, education, transport, and logistics.
Okpanachi pointed out that climate change poses an existential threat to Nigerians and impacts livelihoods through the depletion of grazing lands for livestock, rising sea levels causing excessive flooding, changing rainfall patterns affecting agricultural yields, poor water and air quality impacting health, and significant biodiversity loss.
According to the statement, the GCF accreditation empowers the DBN to develop and submit funding proposals for climate-related projects, oversee their management and implementation.
