*What this means
The Bank of Industry (BOI)has become an official Signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry. It was developed through a partnership between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).
The Principles, developed through a partnership between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI), are the leading framework for ensuring that banks’ strategy and practice align with the vision set out by society for its future in the UN Sustainable Development Goals and the Paris Climate Agreement.
Banks that have signed the Principles commit to be ambitious in their sustainability strategies, working to mainstream and embed sustainability into the heart of their business, while allowing them to remain at the cutting-edge of sustainable finance.
Mr. Olukayode A. Pitan, Managing Director/Chief Executive Officer, Bank of Industry said, “We are honoured to be the first Development Finance Institution in Nigeria to commit to the UNEF FI Principles for Responsible Banking alongside other leading DFIs in the international space. This global framework strengthens our approach to addressing the sustainable development challenges of our economy by critically analyzing our market to identify pressing needs of our communities, environment and customers.”
This partnership, which is another pioneering effort for the Bank, is, according to him, “in line with our dedication to lead the Development Finance industry in Africa to improve the overall strategic impact of our interventions towards environmental management, social development, industrialization, and poverty alleviation through sustainable finance.”
He added: “As Nigeria’s foremost Development Finance Institution, BoI stands as a driving force for sustainable development through investment across the nation. By the very design of our corporate strategy, we are positioned to be the leading development bank out of Nigeria promoting social, environmental and economic development through our business operations and activities. We are proud to join this important group of global banks facilitating sustainable finance”
Signatories to the Principles take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people and the planet.
The banks also join the world’s largest global banking community focused on sustainable finance, sharing best-practice and working together on practical guidance and pioneering tools of benefit to the entire industry.
In line with BOI’s vision to be Africa’s leading Development Finance Institution transforming industries sustainably and operating under global best practices, the Bank said it is confident that these principles provide an opportunity for alignment with international standards for sustainable development, whilst lending credibility and authority to its institutional commitments.
It added that this action is also in line with with the Bank’s sustainability strategy aimed at transforming lives and enterprise responsibly through sustained interventions in economic development, environmental protection, social impact, ethics, governance and partnerships; improving the world for generations to come.
Bank of Industry Limited (the “Bank” or “BOI”) is Nigeria’s foremost Development Financial Institution (DFI). It was incorporated in 1959 as the Investment Company of Nigeria (ICON) Limited and reconstructed into the Nigerian Industrial Development Bank (NIDB) in 1964 under the guidance of the World Bank.
The International Finance Corporation which produced BOI’s pioneer Chief Executive held 75% equity along with a number of domestic and foreign private investors. The Bank transformed into the Bank of Industry in 2001, following the merger of the mandates of NIDB, Nigerian Bank for Commerce and Industry (NBCI) and the National Economic Reconstruction Fund (NERFUND).
BOI has a mandate to transform Nigeria’s industrial sector by providing financial assistance for the establishment of large, medium and small enterprises; as well as to drive expansion, diversification and modernization of existing enterprises; and rehabilitation of ailing ones. This mandate is geared towards supporting projects with potential developmental impact, and the capability to generate considerable multiplier effects such as industrialization, job creation, and poverty alleviation, which would have significant positive effects on the socio-economic condition of Nigerians.
The Bank continues to support growth across various sectors including Agro and Food Processing, Creative Industries, Engineering and Technology, Healthcare and Petrochemicals, Oil and Gas, Renewable Energy and Solid Minerals; leveraging our state offices nationwide