The Bank of Industry has warned that climate related disruptions are increasingly undermining the stability and productivity of businesses across Nigeria, especially in key sectors such as agriculture, manufacturing and infrastructure.
Speaking during the inaugural edition of the Bank of Industry Climate Resilience Knowledge Series held virtually, the Executive Director for Corporate Finance and Risk Management, Mr. Rotimi Akinde, said environmental challenges are now having direct economic consequences for enterprises nationwide.
The webinar, themed “Building Climate Resilient Enterprises in Nigeria for Sustainable Livelihood and Inclusive Growth,” focused on strategies for strengthening businesses against the growing impact of climate change.
Akinde noted that rising temperatures, irregular rainfall, flooding and extreme heat conditions are already affecting food production, livelihoods and investments across several parts of the country.
According to him, the impact is visible among farming communities in Kebbi State, industrial operators in Kano and flood prone communities in Lagos and Bayelsa states.
He explained that the changing climate has gone beyond environmental concerns and has become a major threat to economic sustainability and long term industrial growth.
He said businesses that fail to adjust to these realities may struggle to survive, while sectors that are unable to withstand climate risks could find it difficult to attract investment needed for expansion and development.
Akinde disclosed that the Bank of Industry has begun implementing targeted financing initiatives aimed at helping enterprises build resilience and adapt to evolving environmental conditions.
He added that the bank considers climate adaptation an important part of its development finance mandate, stressing that failure to address these issues could affect the institution’s long term relevance and effectiveness.
He described the webinar series as an important platform for advancing discussions around climate resilience and Nigeria’s industrial future.
Also speaking at the session, the Group Head for Environmental, Social and Governance at BOI, Mr. Ademola Ogundeyi, said the realities of climate change are already disrupting supply chains, communities and financial systems across the world.
Ogundeyi maintained that although Nigeria faces serious environmental threats, the country still has the capacity to respond effectively through deliberate policies and support for enterprises.
He said the Bank of Industry is committed to helping Nigerian businesses move beyond survival and position themselves for growth despite increasing climate pressures.
In her remarks, the Chief Sustainability Officer of BOI, Mrs. Eniola Akinsete, said the initiative was designed to gather insights on the impact of climate change on businesses, families and vulnerable communities.
She stated that the programme would also explore practical adaptation strategies and financing solutions tailored to support small businesses, women owned enterprises and groups most exposed to climate risks.
