Nigeria’s leading development finance institution, the Bank of Industry (BOI), has reaffirmed its commitment to embedding Environmental, Social, and Governance (ESG) principles at the heart of the country’s industrial transformation. Speaking at the inaugural BOI ESG Conference in Lagos, Managing Director Olasupo Olusi positioned sustainability as both a moral responsibility and an economic strategy, a cornerstone for building a resilient, competitive, and inclusive Nigerian economy.

Building a Responsible Industrial Economy

Addressing stakeholders from across government, business, and finance, Olusi described sustainability as a strategic imperative for enterprise growth and competitiveness in a rapidly changing global economy. He said Nigeria must now define an industrial path that balances profitability with responsibility, and growth with environmental stewardship.

“BOI stands at the intersection of finance and development,” Olusi stated. “Our mandate goes beyond lending. It is about catalyzing transformation supporting industries to grow in ways that are both profitable and responsible. As we industrialise, we must also safeguard the environment, uplift communities, and strengthen governance.”

By embedding ESG principles into its lending frameworks, BOI aims to position Nigerian enterprises particularly manufacturers and small businesses to meet international standards, attract global investors, and unlock new avenues for sustainable growth.

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Empowering MSMEs for a Green Transition

Olusi highlighted that micro, small, and medium enterprises (MSMEs) which make up over 90% of Nigeria’s businesses and contribute nearly half of its GDP stand to gain the most from embracing ESG integration. However, many MSMEs still face knowledge and resource barriers in understanding how sustainability can drive competitiveness. The ESG Conference, he explained, was created as a practical platform for dialogue and capacity-building, connecting policymakers, financiers, entrepreneurs, investors, and sustainability experts to co-create pathways for inclusive, responsible growth.

“Sustainability is not an external cost, it is a value driver,” Olusi emphasized. “It improves access to finance, strengthens reputation, reduces operational risks, and enhances long-term resilience.”

The Financial Case for ESG

The BOI chief underscored that ESG-aligned practices are now critical for businesses seeking access to global capital markets, as investors increasingly demand transparent, climate-conscious, and socially responsible operations.

He outlined several benefits for Nigerian enterprises adopting ESG standards:

Improved access to finance from both local and international investors;
Enhanced brand reputation and competitiveness in export markets;
Operational efficiency through better resource management and waste reduction;
Reduced exposure to regulatory and environmental risks; and
Alignment with international reporting and compliance frameworks such as the UN Sustainable Development Goals and the Paris Climate Agreement.

These outcomes, Olusi said, are essential for Nigeria to build a sustainable industrial base capable of attracting green investment and fostering innovation in clean energy, circular economy, and low-carbon technologies.

Aligning National Goals with Global Standards

BOI’s sustainability agenda is backed by tangible mechanisms. The bank operates under a Sustainable Financing Framework and holds accreditation as Nigeria’s first National Implementing Entity of the UNFCCC Adaptation Fund. These instruments ensure that all BOI-financed projects are assessed not only for profitability but also for environmental and social impact.

“Through our Sustainable Financing Framework and UNFCCC accreditation,” Olusi noted, “we are aligning BOI’s interventions with global standards to guarantee that every project we support contributes to sustainable industrial development.”

This approach, he added, reflects a broader vision for Nigeria’s industrial and climate strategy, one that mobilizes finance to decarbonize key sectors, create green jobs, and build resilience against future shocks.

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Catalyzing a National ESG Movement

Beyond policy and finance, the inaugural ESG Conference marks the beginning of what Olusi described as a “national conversation” on the kind of economy Nigeria aspires to build. By convening public and private stakeholders, the BOI aims to make sustainability a shared national agenda rather than a niche corporate objective. Experts at the conference echoed this vision, emphasizing that sustainable growth requires an integrated ecosystem

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