SMEs Tap BoI’s N825m Clean Energy Financing

James Emejo in Abuja

The Bank of Industry (BoI) has revealed that its N825 million clean energy financing initiative has supported a wide range of businesses, including small and medium enterprises (SMEs) as well as larger firms.
Speaking in Abuja at a stakeholders’ event to present the programme’s outcomes, the bank’s Executive Director for Risk Management and IT, Ifeoma Uz’Okpala, said the intervention delivered funding to industries seeking to improve energy use and production processes.
The financing scheme is part of a broader $600,000 project under the Global Environment Facility–United Nations Industrial Development Organization (GEF-UNIDO) Industrial Energy Efficiency (IEE) and Resource Efficient and Cleaner Production (RECP) programme, with $550,000 channelled through BoI for onward lending.
Uz’Okpala explained that the initiative enabled companies to invest in energy-efficient systems and cleaner production technologies. It also supported renewable energy adoption, recycling facilities, and more resource-efficient manufacturing processes across various sectors.
She noted that the programme highlights how strategic financing can drive industrial expansion while advancing environmental sustainability goals.
The project was implemented with backing from GEF and UNIDO, alongside collaboration with the Manufacturers Association of Nigeria (MAN) to boost industry participation.
Beneficiaries spanned manufacturing, agro-processing, hospitality, logistics, and other segments of the industrial value chain. While larger firms accessed financing, SMEs particularly benefited through grants and support for upgrading equipment and adopting cleaner technologies.
According to Uz’Okpala, the intervention has helped businesses cut production costs, improve efficiency, and enhance environmental performance.
Also speaking, UNIDO National Programme Officer, Reuben Bamidele, said the initiative aligns with Nigeria’s Programme for Country Partnership framework and has demonstrated strong potential for scaling resource-efficient and cleaner production practices nationwide.
He stressed the importance of sustained collaboration among government agencies, financial institutions, and development partners to maintain momentum, urging expansion of the model to reach more industries and accelerate Nigeria’s transition to green manufacturing.
In his remarks, Director General of MAN and Chairman of its Investment Committee, Segun Ajayi-Kadir, said the programme utilised risk-sharing mechanisms to encourage investment in innovative technologies.
He explained that the first-loss guarantee structure reduced lender risk and attracted greater private sector involvement, while also stimulating additional investments beyond the initial funding—ultimately strengthening the competitiveness of Nigerian industries.