The Bank of Industry (BoI) has been accredited by the board of the Adaptation Fund to serve as a National Implementing Entity (NIE) for climate-related interventions in Nigeria. The accreditation, valid for five years, positions the development finance institution to directly access and manage funds for climate adaptation projects nationwide.
In its approval notice, the Adaptation Fund confirmed that BoI can now access up to $10 million for a single climate project and as much as $20 million for interventions across the country.
Managing Director and Chief Executive of BoI, Dr. Olasupo Olusi, welcomed the certification, noting that it strengthens the bank’s role in tackling Nigeria’s climate challenges. “This recognition allows us to attract and recommend funding for projects in communities that are most affected by adverse climate conditions,” he said.
A statement issued by the Divisional Head of Public Relations at BoI, Theodora Amechi, emphasized that climate change poses critical and complex challenges for Nigeria. Rising temperatures, erratic rainfall, and sea level increases are already driving extreme weather events such as floods, droughts, and heatwaves, with serious impacts on agriculture, water resources, biodiversity, and public health.
The new accreditation is expected to boost Nigeria’s ability to respond proactively to these threats while building resilience in vulnerable communities.
