BOI wins global sustainable finance award, strengthens Nigeria’s green push

The Bank of Industry (BOI) has been named Nigeria’s Best Bank in Sustainable Finance at the 2026 Global Sustainable Finance Awards, a recognition that highlights the country’s growing role in green and responsible financing.

The award, presented by Global Finance Magazine, acknowledges BOI’s efforts to make sustainability a key part of how it lends money and supports businesses across Nigeria.

The recognition comes as more financial institutions face pressure to support climate action, promote inclusive growth, and ensure responsible use of resources. BOI’s approach focuses on funding projects and businesses that align with these goals, while also supporting economic development.

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A major part of BOI’s progress in this area came in 2025, when it was appointed as Nigeria’s National Implementing Entity for the Adaptation Fund. This role, which will run for five years, allows the bank to directly manage and deploy international climate funds to support local projects aimed at building resilience against climate change.

The bank also introduced its Sustainable Finance Framework, a structure that guides how it integrates environmental and social considerations into its lending decisions. This framework ensures that projects funded by BOI meet certain sustainability standards, especially in areas like energy use, waste reduction, and climate impact.

Another key initiative is the Guaranteed Loans for Women (GLOW) programme, which is designed to improve access to finance for women-led businesses. The programme supports gender inclusion by reducing barriers that often limit women entrepreneurs from accessing credit.

These efforts are part of a broader strategy to align financial services with long-term environmental and social goals, while still driving economic growth.

BOI, which was originally established in 1959 and restructured in 2001, remains Nigeria’s leading development finance institution. Its core mandate is to provide long-term funding and advisory support to businesses across key sectors such as manufacturing, agriculture, and services.

Between 2023 and 2025, the bank supported more than one million enterprises and disbursed over N1.27 trillion to businesses nationwide. This funding has helped expand production capacity, create jobs, and improve access to finance, especially for small and medium-sized enterprises.

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The award reflects not just BOI’s internal reforms, but also a broader shift in Nigeria’s financial sector towards sustainability. As global investors increasingly prioritise environmental, social, and governance (ESG) standards, institutions like BOI are positioning themselves to attract more international funding and partnerships.

The recognition also signals growing confidence in Nigeria’s ability to manage climate finance and deliver impact-driven projects at scale.

With its nationwide presence and partnerships with global institutions, BOI is expected to continue playing a key role in supporting sustainable private sector growth and helping Nigeria diversify its economy beyond oil.

The latest award adds to the bank’s profile as a key driver of green finance in Africa’s largest economy, at a time when the need for climate-resilient investment has become more urgent than ever.