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Nigeria receives €100mn credit
line for green investments
SOUTH AFRICA NIGERIA’S Bank of Industry (BoI) has accessed Nigeria has begun to prioritise green and sus-
a €100mn line of credit through the Transform- tainable energy goals, including a pledge to pro-
ing Financial Systems for Climate (TFSC), it has vide universal access to carbon-neutral energy
revealed. by 2060. Earlier in August, Nigeria signed a $3bn
According to the BoI, the money will go secured loan through World Bank and the US
towards financing investments mitigating cli- Export-Import Bank (EXIM Bank) to help the
mate change in Nigeria. country’s Energy Transition Plan.
Announced last week, the money, which Nigeria committed to net-zero at COP26 in
comes from the French Development Agency Glasgow, when President Muhammadu Buhari
(AfD), will be provided for 10 years with 2.47% spoke about the challenges climate change has
interest. caused Nigeria.
At a signing ceremony in Lagos earlier in Desertification in the north, drought in the
August, oI’s Managing Director Olukayode centre, pollution in the coast are enough evi-
Pitan called the credit line “ the beginning of a dence for all to see, Nigeria is committed to net
long-term mutually beneficial relationship,” and zero by 2060,” he said.
noted the “serious threat that climate change
poses to equitable and sustainable development
in Nigeria.”
P12 www. NEWSBASE .com Week 35 01•September•2022
