Bank of Industry Highlights Climate Change Threats to Nigerian Businesses
The Bank of Industry (BOI) has issued a warning that the impacts of climate change are significantly undermining the competitiveness and economic resilience of Nigerian enterprises, especially within the manufacturing, agriculture, and infrastructure sectors. The bank emphasized that these challenges limit stakeholders’ capacity to adapt and fully leverage the potential within these areas.
During the inaugural session of the BOI Climate Resilience Knowledge Series, which focused on “Building a Climate Resilient Enterprise in Nigeria for Sustainable Livelihoods and Inclusive Growth,” Executive Director for Corporate Finance and Risk Management, Mr. Rotimi Akinde, shed light on this pressing issue. He pointed out that various regions in Nigeria are grappling with increasingly high temperatures, erratic rainfall patterns, flash floods, and intense heatwaves, which are jeopardizing food security, eroding livelihoods, displacing communities, and exacerbating gender disparities.
Akinde addressed the realities faced by farmers in Kebbi State, manufacturers in Kano, and communities in Lagos and the Niger Delta, particularly in Bayelsa State. He stressed that these issues are far from mere rhetoric; they represent genuine challenges that require urgent attention. The BOI is actively adopting prudent measures, including targeted financing, to respond to these climate-related threats.
Akinde further noted that fostering resilience in businesses is paramount, not only for their growth but also for their survival in a changing climate landscape. He articulated that climate adaptation transcends environmental concerns, constituting an essential aspect of economic sustainability. Enterprises unable to adapt will struggle to attract the long-term investment that Nigeria desperately needs for growth and development.
If the BOI fails to address these climate challenges as a development financial institution—an integral part of its mission—the long-term viability of the bank could be jeopardized. Akinde emphasized the importance of integrating climate change resilience into the fabric of Nigeria’s industrial future, presenting the webinar series as an opportunity to advance discussions on this critical topic.
Ademola Ogundaye, the Head of Environment, Social, and Governance (ESG) Group at BOI, echoed Akinde’s sentiments, asserting that the issue of climate change is increasingly unpredictable and demands immediate action. He insisted that Nigeria is not powerless in this regard; rather, the BOI is committed to equipping Nigerian enterprises with the tools necessary to not only withstand climate pressures but to thrive amid them.
In line with this proactive approach, BOI’s Chief Sustainability Officer Eniola Akinsete highlighted the importance of understanding the ramifications of climate change on businesses, families, and livelihoods. She expressed the bank’s intention to identify effective resilience strategies and design financing solutions tailored to support small businesses and women-led enterprises, ensuring vulnerable groups are also included in the conversation on climate adaptation.
