Nigeria: Lapo MFB Leads Push for Climate-Resilient Microfinancing

By Sunday Ehigiator

LAPO Microfinance Bank Limited has taken a leading role in advancing climate-resilient financing in Nigeria's microfinance sector, as stakeholders at its Sustainable Finance Conference 2.0 adopted an 11-point action plan aimed at strengthening climate-smart financial solutions for vulnerable communities.

With the theme, "Microfinance for Climate Resilience: Empowering Communities, Driving Innovation, Shaping Policies," the conference resolved that microfinance institutions should expand climate-smart financial products, including renewable energy financing, sustainable agriculture loans and micro-insurance schemes targeted at small businesses and low-income households.

Managing Director of LAPO Microfinance Bank Limited, Cynthia Ikponmwosa, said microfinance institutions have a crucial role to play in helping vulnerable communities adapt to climate change and build economic resilience.

"Through innovative financial products and partnerships, we can empower communities to build resilience while creating sustainable economic opportunities," she said.

Also speaking, Chairperson of the bank's Board Environmental, Social and Governance (ESG) Committee, Angela Omeiza, emphasised the need for financial institutions to embed ESG principles into their operations to promote sustainable development.

Delivering the keynote address, Professor of Strategic Management and Governance at Lagos Business School, Franklin Nnaemeka Ngwu, called for stronger institutional collaboration to address climate-related risks affecting businesses and communities.

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