BOI, UNIDO, others drive investment in renewable energy with N825m

The Bank of Industry, BOI and other stakeholders have through the first loss loan guarantee facility established a guarantee pool of approximately ₦825 million to support investments in energy efficiency, cleaner production, recycling, and renewable energy.

The Managing Director of BOI, Dr. Olasupo Olusi who was represented by the Executive Director Risk and IT Ifeoma Uzuokpala disclosed this at the Global Environment Facility GEF, UNIDO, Resource Efficient and Cleaner Production, RECP, Manufacturing Association of Nigeria, MAN in Abuja, stating that 23 enterprises across key sectors have benefitted from these funds.

The BOI boss said the enterprises that benefitted are, manufacturing, agro-processing, recycling, logistics, and light industry, these all have benefited from this intervention, with a broad geographic spread across Nigeria’s major industrial hub.

He disclosed this at the closing ceremony of the resource efficient and cleaner production and industrial energy efficiency programme in Abuja, stating that through the First Loss Loan Guarantee Facility supported by GEF and implemented by UNIDO in collaboration with the Bank of Industry and MAN, it has established a guarantee pool of approximately ₦825 million, which has been fully utilized to support investments in energy efficiency, cleaner production, recycling, and renewable energy.

He noted that, “This programme is a strong demonstration of what can be achieved through strategic partnership and innovative financing in advancing sustainable industrial development in Nigeria. From a risk management perspective, this programme highlights the effectiveness of risk-sharing instruments in unlocking financing for innovative and environmentally sustainable projects.”

The guarantee structure has enabled the Bank to support new technologies while maintaining prudent risk standards. Beyond financing, the programme has reinforced an important message, that sustainable industrial practices are not only environmentally responsible but also economically beneficial, improving efficiency, reducing costs, and enhancing competitiveness.

Speaking, the UNIDO programme Officer, Reuben Bamidele explained that the programme is on resource efficient cleaner production and environmental efficiency, which is funded by the Global Environment Fund and implemented by UNIDO, modality for implementation is that UNIDO and other implementing partners need to appoint project-executing entities and on this  project, the Manufacturers Association of Nigeria is a key.