Utilize Appropriate Standards for ESG Performance
To guide the appraisal of ESG risks and define adequate mitigation for identified risks, the Bank’s credit appraisal activities are guided by its Environment & Social (E&S) policy as well as its Environment & Social Management System (ESMS) Framework. These guiding documents ensure the effective management of E&S risks in the Bank’s portfolio.
To ensure continuous high performance, our sustainability approach is align to leading frameworks including the Nigerian Sustainable Banking Principles (NSBPs), the Paris Climate Agreement, the UN Sustainable Development Goals (SDGs) and other relevant local and international principles.
Aligning Strategic Partnerships for Sustainable Growth
The Bank leverages on strategic collaboration with various local and international stakeholders to drive its sustainability agenda. These include:
United Nations Global Compact (UNGC):
The Bank of Industry has been an active member of the UN Global Compact since 2018. We participate in the activities of the local network in Nigeria, collaborating to address social, environmental and economic development issues locally.
United Nations Environment Programme Finance Initiative (UNEPFI):
In 2021, the Bank joined the initiative as part of our strategy to further align our business with global best practices for sustainable development whilst collaborating with the global Banking industry to drive sustainable finance for the socio-economic development of society. BOI is the First Nigerian DFI signatory to the UN Principles for Responsible Banking joining over 240 Banks globally aligned to achieve sustainable development. The Bank also joined the United Nations Environment Programme Finance Initiative (UNEP FI) to launch the Collective Commitment to Financial Health and Inclusion – a first-of-its-kind initiative of the banking sector to promote universal and financial inclusion.
The World Economic Forum (WEF):
In 2021, the Bank became a member of the World Economic Forum alongside over 750 global business leaders. This partnership is in line with the Bank’s vision to be Africa’s leading DFI operating under global best practices; and will strengthen our efforts to increase sustainability impact. Through this partnership, the Bank has made significant progress in joining the global community to collaborate for sustainable impact.
Mobilize Sustainable Capital
The Bank is deliberate in its approach to attracting the appropriate capital to fund its sustainable lending activities. This approach is emphasized in the Bank’s Sustainable Finance Framework. The BOI Sustainable Finance Framework (SFF) establishes the guidelines under which BOI will issue/raise green, social or sustainable finance bonds, loans or other debt instruments (Sustainable Finance Instruments). The framework aligns with the various principles including, the Green Bond Principles (GBP), Social Bond Principles (SBP), Sustainability Bond Guidelines (SBG), Green Loan Principles, (GLP), Social Loan Principles (SLP) of the international best practices and guidance published by the International Capital Market Associated (ICMA), the Loan Market Association (LMA) and the Loan Syndications and Trading Association (LSTA).
Driving Internal Net-Zero Objectives
The Bank remains committed towards achieving its net-zero objectives by implementing various initiatives to reduce Green House Gas Emissions generated by the Bank’s operations.
