The Bank of Industry (BOI) has stated that small and large enterprises across Nigeria are recording lower production costs and improved operational efficiency following access to a N825m clean energy financing.
BoI noted that the funding, deployed under a $600,000 Global Environment Facility-United Nations Industrial Development Organisation (GEF-UNIDO) Industrial Energy Efficiency (IEE) and Resource Efficient and Cleaner Production (RECP) programme, has supported investments in energy-saving technologies and sustainable production systems across key sectors.
Speaking at the presentation of the project's financing results to stakeholders in Abuja, BOI's Executive Director for Risk Management and IT, Mrs. Ifeoma Uz'Okpala, said the initiative had demonstrated how targeted funding could simultaneously drive industrial growth and environmental sustainability.
She explained that "$550,000 of the total project fund was channelled through BOI for on-lending to eligible industries, enabling businesses to adopt modern, energy-efficient equipment and cleaner production methods."
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According to her, the intervention covered a broad range of solutions, including renewable energy systems, recycling infrastructure, and resource-efficient production processes.
"The financing has enabled companies to reduce energy consumption, cut operational costs and improve productivity, while also enhancing their environmental performance," she said.
She added that the programme was implemented with support from the Global Environment Facility and UNIDO, in collaboration with the Manufacturers Association of Nigeria (MAN), to ensure wider participation within the industrial sector.
Also speaking, UNIDO's National Programme Officer, Dr Reuben Bamidele, described the initiative as a key component of Nigeria's Programme for Country Partnership framework, noting that it had shown strong potential for scaling up resource-efficient and cleaner production practices nationwide.
Bamidele emphasised that sustained collaboration among government agencies, financial institutions and development partners would be critical to expanding the gains of the programme.
On his part, Director-General of MAN, Mr. Segun Ajayi-Kadir, who also chairs the project's investment committee, said the initiative incorporated risk-sharing mechanisms that helped unlock private sector participation, adding that "the use of a first-loss guarantee structure reduced lending risks and encouraged financial institutions to support investments in innovative and energy-efficient technologies."
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