BOI Raises $5bn from International Finance Institutions

Dr. Olasupo Olusi, the Managing Director and Chief Executive Officer Bank of Industry (BOI), has said BOI has worked with their partners to raise over $5 billion from several international financial institutions in the last five years.

Olusi made this disclosure during the 2023 Joint CEOs Forum of the Association of African DFIs (AADFI) and the Association of Development finance Institution of the Asia – pacific (ADFIAP) in Abuja.

According to Olusi, as Nigeria’s reading DFI, one  of the primary drivers of BOIs development strategy is to accelerate the country’s development through supporting environmentally friendly and sustainable projects across the key sectors of the economy.

Leveraging on the theme of the forum, “DFIS strategic Role Towards a climate smart future” Olusi stated that it is globally recognised that there is an oppourtunity for climate change mitigation and adaption to become the main driver of economic growth while there is no better time for DFIS to become the vehicle for this change.

In his remark during the event, AADFI chairman, Mr. Thabo Thamane, said the forum is a biennial event aimed at building global partnership to promote and finance development in our region and to strengthen South South cooperation.

According to him, the world is facing the negative impact of climate change adding that human health and safety food and water security and sustainable socio economic development are threatened globally.

“Reports predict that if strategic actions are not taken to combat climate change, the world’s economy will lose more than 18% of its current GDP by 2048 and the least developed countries particularly those in Africa,

“Asia pacific and Latin America will suffer the worst consequences. Africa is estimated to lose 15% of its projected GDP for 2050 with a projected climate adaptation cost of N10 to N30 Billion annually by 2030,” he said.

He also said the Asia and ASEAN countries are projected to lose 26.5% and 37.4% of their GDP by 2048 if immediate action is not taken to mitigate the effects of climate change.