The Bank of Industry (BOI) has rolled out a clean energy financing scheme that has already supported businesses with about ₦825 million, enabling both small and large enterprises to invest in more efficient and environmentally friendly operations across Nigeria.
The funding, delivered under a $600,000 GEF-UNIDO Industrial Energy Efficiency (IEE) and Resource Efficient and Cleaner Production (RECP) project, is designed to help industries adopt modern systems that reduce waste, cut energy use, and improve overall productivity. Out of the total project fund, $550,000 was channelled through BOI for on-lending to eligible businesses.
The scheme supports a wide range of investments including energy-efficient machinery, renewable energy solutions, recycling infrastructure, and cleaner production technologies. It targets key sectors such as manufacturing, agro-processing, hospitality, and logistics, where energy costs and environmental impact remain major concerns.
Mrs Ifeoma Uz’Okpala, Executive Director, Risk Management and ITD for the programme, said the initiative has shown how focused financing can unlock industrial growth while promoting sustainability.
“The initiative enabled companies to adopt energy-efficient machinery, reduce production costs, and improve environmental performance,” she said during the presentation of the financing results in Abuja.
She explained that both large companies and small businesses benefited from the scheme, with smaller firms accessing grants and tailored financing to upgrade equipment and adopt cleaner technologies.
The programme, supported by the Global Environment Facility and the United Nations Industrial Development Organisation (UNIDO), also involved collaboration with the Manufacturers Association of Nigeria (MAN) to widen participation among industrial players.
Dr Reuben Bamidele, National Programme Officer at UNIDO, described the initiative as a key part of Nigeria’s Programme for Country Partnership framework, noting its strong potential for expansion.
He said scaling up the model would help more industries transition to resource-efficient and cleaner production systems nationwide.
From the private sector perspective, MAN Director-General, Segun Ajayi-Kadir, highlighted the role of financial innovation in the programme’s success.
“The first-loss guarantee structure helped reduce lender risks while attracting private sector participation,” he said.
Stakeholders also pointed to improved access to financing as a major breakthrough. Dr Jacob Oladapo, National Project Coordinator, noted that beyond technical support, the scheme helped businesses identify practical ways to cut costs and boost productivity.
He added that access to funding had long been the missing link, with the programme now bridging that gap by guiding industries on financing options and turning technical recommendations into real investments.
