Latest reports suggest that the Bank of Industry has secured accreditation from the Adaptation Fund as Nigeria’s National Implementing Entity for climate-related development projects.
The Adaptation Fund, in its approval notice, said, “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.”
With the accreditation, BOI is now empowered to attract and manage funding for climate adaptation projects across communities affected by adverse climate conditions, according to a statement.
Managing Director and Chief Executive Officer of BOI, Olasupo Olusi, described the certification as a milestone for Nigeria.
He said, “This certification now enables BOI to access up to $10m for a single climate adaptation project and as much as $20m in total for nationwide interventions.”
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The bank noted that climate change posed critical and multifaceted challenges for Nigeria, with rising temperatures, erratic rainfall, floods, droughts, and heatwaves worsening existing vulnerabilities in agriculture, water resources, biodiversity, and human health.
According to BOI, the most vulnerable Nigerians are disproportionately affected, threatening progress toward achieving the Sustainable Development Goals.
The Adaptation Fund, established under the Kyoto Protocol of the United Nations Framework Convention on Climate Change with the World Bank as Trustee, finances projects that help vulnerable communities in developing countries adapt to climate change.
The Fund stated, “Initiatives for funding are based on country needs, views, and priorities. Since 2010, the Adaptation Fund has committed about $1.25m for climate change adaptation and resilience projects and programmes, including 183 concrete, localised projects in the most vulnerable communities of developing countries around the world with about 45.8 million total beneficiaries.”
Story was adapted from Punch.
