BoI gets UN sustainable award

The Bank of Industry (BoI) Limited has bagged a Karlsruhe sustainable development award for its pioneering role in the massive deployment of off-grid electrification projects in some select rural communities across the country.

The prestigious  ‘Outstanding Sustainable Project Financing’ award was given to the bank recently at the 2017 edition of the Global Sustainable Conference, held in Karlsruhe, Germany.

The award recognises outstanding success in long – term financing of exemplary industrial/commercial or infrastructure projects that benefit local communities, protect the environment and ensure reliable returns to investors and lenders.

In partnership with the United Nations Development Programme (UNDP) the development finance institution, through its Access to Renewable Energy(AtRE) project, is  piloting the deployment of micro-grid and stand-alone solar solutions in the off-grid communities across the six geo-political zones in Nigeria.

The bank had, last year, signed a N880m pact with the UNDP for the implementation of   the second phase of the solar power electrification projects.

Reacting to the development, Olukayode Pitan, BoI’s managing director, said the recognition given to the DFI underscored its unwavering commitment to the fulfilment of the UN’s Sustainable Development Goals.

, “The award will further motivate the Bank and its Development Partner (UNDP) to increase its investment in the solar electrification space. This is because the absence of electricity is a major constraint to the social and economic development of the rural communities in particular, and the country in general.

He expressed the determination of the bank to replicate  and scale up of rural off-grid projects in at least one off-grid community in each of the thirty-six states of Nigeria, with a focus to providing solar electricity for more MSMEs, apart from the households within these target communities.