The Bank of Industry (BOI) has been formally accredited by the Adaptation Fund as Nigeria’s National Implementing Entity (NIE) for climate-related development initiatives. This recognition positions BOI to directly access and manage international funding for projects that address the pressing impacts of climate change on vulnerable Nigerian communities.
In its approval statement, the Adaptation Fund confirmed the decision, noting: “Having considered the recommendation of the Accreditation Panel, the Adaptation Fund Board decided to accredit the Bank of Industry of Nigeria as a National Implementing Entity of the Adaptation Fund for five years.”
This five-year accreditation empowers BOI to mobilize financial resources for climate adaptation interventions. According to the bank, it can now access up to $10 million for a single project and a cumulative $20 million for nationwide programmes designed to mitigate the risks posed by climate change.
The Managing Director and Chief Executive Officer of BOI, Olasupo Olusi, described the certification as a major milestone for Nigeria in the global fight against climate change. He highlighted that the accreditation not only enhances Nigeria’s ability to attract international support but also strengthens the country’s capacity to implement sustainable, climate-resilient solutions across sectors most affected by environmental changes.
Climate change has emerged as one of Nigeria’s most pressing challenges, exacerbating vulnerabilities in agriculture, water resources, biodiversity, and public health. Rising temperatures, unpredictable rainfall patterns, frequent flooding, prolonged droughts, and heatwaves have intensified the strain on livelihoods, particularly in rural and agrarian communities. BOI stressed that these challenges disproportionately impact the most vulnerable citizens, further threatening the nation’s progress toward achieving the United Nations Sustainable Development Goals (SDGs).
The Adaptation Fund, established under the Kyoto Protocol of the United Nations Framework Convention on Climate Change, was created to finance projects that help developing countries build resilience against climate threats. With the World Bank serving as its Trustee, the Fund prioritises initiatives that reflect the specific needs and priorities of beneficiary countries.
Since its inception in 2010, the Adaptation Fund has committed approximately $1.25 billion to climate change adaptation and resilience projects. These include 183 localized interventions implemented in some of the most climate-vulnerable communities across the globe, directly benefiting nearly 46 million people.
By securing this accreditation, BOI joins the global network of national institutions empowered to drive country-led climate adaptation strategies. This status enables Nigeria to play a more active role in shaping and executing projects that not only address immediate climate risks but also foster long-term sustainable development.
The bank emphasised that this opportunity will be instrumental in building resilience within communities, protecting ecosystems, and safeguarding critical sectors of the economy from the destructive effects of climate change. More importantly, it positions Nigeria to better tap into international climate finance while ensuring that interventions are aligned with national development priorities.
