BOI pushes ESG adoption to drive sustainable industrial growth
Olasupo Olusi, the managing director of the Bank of Industry (BOI), has reaffirmed the bank’s commitment to promoting environmental, social, and governance (ESG) principles as a catalyst for Nigeria’s sustainable industrial growth.
Speaking at the bank’s inaugural ESG Conference in Lagos on Tuesday, Olusi said sustainability has become a strategic imperative for enterprises seeking competitiveness, resilience, and access to global capital.
He said the conference marked the beginning of a national conversation on the kind of economy Nigeria seeks to build, one that balances profitability with responsibility, and industrial growth with environmental stewardship.
Olusi described sustainability as a strategic imperative and a key driver of enterprise growth, industrial competitiveness, and inclusive national development.
He noted that the BOI, as Nigeria’s foremost development finance institution, is uniquely positioned at the intersection of finance and development, with a mandate that goes beyond lending to catalyzing transformation across sectors.
“BOI stands at the intersection of finance and development. Our mandate goes beyond lending. It is about catalyzing transformation, supporting industries to grow in ways that are both profitable and responsible. It is about ensuring that as we industrialise, we also safeguard the environment, uplift our communities, and strengthen governance across our focus sectors,” Olusi said.
The BOI boss emphasised that Nigeria’s micro, small, and medium enterprises (MSMEs), which account for over 90 percent of the country’s businesses and nearly half of its GDP stands to benefit greatly from adopting ESG principles.
He said many MSMEs still face challenges in understanding how to integrate sustainability into their operations, noting that the conference was designed to bridge that knowledge gap.
According to him, the forum would provide a practical platform for policymakers, financiers, business owners, investors, and sustainability experts to share insights and co-create solutions that empower Nigerian enterprises to grow sustainably and profitably.
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Olusi also highlighted the economic benefits of ESG adoption, including improved access to finance, enhanced brand reputation, cost efficiency, risk management, and compliance with global standards, all of which position Nigerian businesses for long-term competitiveness.
He pointed out that ESG principles are central to achieving Nigeria’s industrialisation and climate goals, attracting green capital, and fostering innovation in key sectors such as clean energy and circular economy.
“Through our Sustainable Financing Framework and our accreditation as Nigeria’s first National Implementing Entity of the UNFCCC’s Adaptation Fund, BOI is aligning its interventions with global standards to ensure that every project we support contributes to sustainable industrial development,” he added.
