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  • BOI Launches Sustainable Finance Framework for Inclusive Growth

    BOI Launches Sustainable Finance Framework for Inclusive Growth

    The Bank of Industry has announced the launch of its Sustainable Finance Framework to drive inclusive and climate-resilient growth in Nigeria.

    In a statement on Saturday, BOI described the framework as a strategic blueprint that establishes a strong foundation for aligning the bank’s financing activities with global sustainability and leading environmental, social, and governance practices.

    According to KPMG, sustainable finance is an overarching term referring to the investment process accounting for and promoting environmental and social factors. Sustainable finance comes predominantly in the form of financial instruments such as debt and equity.

    The global sustainable finance market is growing rapidly, and sustainable assets under management are projected to surpass $50 tn by 2025, constituting one-third of projected total assets under management globally.

    In the statement signed by the Divisional Head of Public Relations, BOI, Theodora Amechi, the framework is designed to empower Nigerian enterprises and aligns with BOI’s 2025–2027 corporate strategy, which prioritises long-term development impact, environmental stewardship, social inclusion, and the creation of shared value, while addressing both national and global challenges.

    The Managing Director/Chief Executive Officer, BOI, Dr Olasupo Olusi. Said, “This framework marks a significant milestone in our journey to become a fully sustainable development finance institution. It reflects our strategic intent to finance enterprises that deliver both economic value and measurable social and environmental benefits.

    “The Framework is aligned with key global and national sustainability principles, including the UN Sustainable Development Goals, the Paris Agreement, the Principles for Responsible Banking, and the Nigerian Sustainable Banking Principles. It also integrates the BOI’s internal ESG frameworks, including its ESG and Corporate Social Responsibility policies, which guide the Bank’s sustainability management practices.”

    At the heart of the framework is BOI’s adoption of a triple-bottom-line model focused on People, Planet and Profit, ensuring its investments generate financial returns alongside inclusive and environmental outcomes.

    The bank said the framework will enable it to programmatically raise Green, Social and Sustainability Bonds and Loans, in line with the latest applicable International Capital Market Association, Loan Market Association and Loan Syndications and Trading Association principles and guidelines.

    BOI added that the framework has been independently evaluated by S&P Global Ratings, which issued a second-party opinion affirming its alignment with international sustainable finance principles. This validation enhances BOI’s credibility among institutional investors seeking impactful ESG-aligned opportunities in emerging markets.

    Through this framework, BOI aims to support businesses committed to sustainable practices, unlock access to blended and concessional capital, and advance national priorities such as climate resilience, job creation, gender inclusion, and export diversification.

    It will further enable the bank to scale its impact across priority sectors, including renewable energy, clean transportation, agro-processing, healthcare, education, and digital infrastructure.


    The Bank of Industry is Nigeria’s oldest and largest development finance institution, which is committed to facilitating and transforming Nigeria’s industrial sector. BOI operates across 33 states in Nigeria, providing financial and advisory support for the establishment of large, medium and small projects and enterprises as well as the expansion, diversification, rehabilitation, and modernisation of existing enterprises.

    Provided by SyndiGate Media Inc. (
    Syndigate.info
    ).

  • Speculation of Cedi Depreciation Over July Eurobond Payment Unfounded

    Speculation of Cedi Depreciation Over July Eurobond Payment Unfounded


    By Joshua Worlasi AMLANU and Ebenezer Chike Adjei NJOKU

    Speculation of a looming cedi-depreciation due to the upcoming US$349million Eurobond interest payment in July may be far-fetched as the\xa0 development poses no threat to the nation’s foreign exchange (FX) stability, a source close to the matter has asserted.

    Concerns have mounted that the payment, coupled with ongoing geopolitical developments, could see the cedi lose gains made over recent months.

    The local unit has appreciated by 43 percent against major trading currencies between beginning of the year to mid-June 2025.

    In response to recent commentary warning of an impending “FX storm”, the source stated that those concerns are exaggerated and misaligned with Ghana’s present macroeconomic conditions.

    According to the source, a Eurobond payment scheduled for July 3, 2025, has already been factored into BoG liquidity and FX management frameworks.

    “There is no risk of market disruption. Ghana’s reserves as of June 2025 stand at over US$11billion, equivalent to five months of import cover. These buffers have been built strategically, not by accident,” he explained.

    The bank expects FX conditions in July to improve with confirmed inflows totalling at least US$730million. These include US$370million from the International Monetary Fund (IMF), contingent on Executive Board approval of the current support programme’s fifth tranche on July 7 and an additional US$360million from the World Bank’s Development Policy Operation, expected by mid-month.

    “These inflows will more than offset the Eurobond outflow, ensuring reserve levels remain comfortable and that there is no liquidity vacuum in the FX market,” he stated.

    Inflows from the BoG’s Gold-for-Reserves (Goldbod) programme act as further support for the cedi. The programme, launched to diversify FX sources by leveraging domestic gold purchases, has contributed significantly to the nation’s external position – especially amid high global gold prices.

    The country posted a trade surplus of US$4.14billion in the first four months of 2025 – five times the surplus recorded for same period 2024. The current account recorded a surplus of US$2.12billion in the first quarter.

    “These are not\xa0 ‘cosmetic’ numbers. They reflect real activity, grounded in sustained policy reforms, external credibility and improving investor sentiment,” the source noted.

    While some analysts have attributed the cedi’s appreciation against major trading currencies to artificial support, the BoG official cited four structural factors: tight monetary policy anchored by a 28 percent benchmark interest rate, improved FX supply from exports and gold purchases, fiscal consolidation and stronger investor confidence, buoyed by the recent credit rating upgrade.

    Though acknowledging that external risks remain, including potential declines in gold prices and possible remittance headwinds due to a proposed 5 percent U.S. tax on outward transfers, the bank argued that institutional resilience has improved markedly.

    “The FX market is better regulated today, with stricter enforcement of pricing, transparency and transactional discipline,” he noted.

    Calls for a fixed exchange rate regime have been dismissed, suggesting they are inconsistent with Ghana’s inflation-targetting framework. He maintained that BoG’s flexible exchange rate policy remains the most appropriate approach in an uncertain global environment.

    “Pegging at this stage would be not only inconsistent with our policy framework but also risky in a world where flexibility is the best shock-absorber,” he said.

    It is expected that July will not expose weaknesses in Ghana’s FX structure but rather demonstrate the central bank’s preparedness to meet obligations without destabilising the market.

    “More broadly, the narrative around Ghana is changing from one of crisis to one of cautious but credible stabilisation,” he said.

    “This is not merely due to external support. It is the outcome of difficult domestic decisions, consistent coordination between monetary and fiscal authorities and a renewed commitment to transparency and investor engagement,” he added.

    Inflation, at 18.4 percent in June 2025, continues on a downward trajectory while interest rates, though high, are expected to ease as inflation moderates.

    “There is no FX storm expected in July. There is a calm backed by reserves, policy discipline and credible inflows expected,” the source insisted.

    Provided by SyndiGate Media Inc. (
    Syndigate.info
    ).