The Bank of Industry (BOI) has received international recognition for two flagship initiatives that are expanding clean energy access and promoting inclusive economic growth in Nigeria, underscoring the institution’s growing role in advancing sustainable development.
At the recently concluded EMEA Finance Achievement Awards, BOI was honoured with the Best Sustainability Deal in Africa Award for its role in implementing the Nigeria Distributed Access through Renewable Energy Scale-up (DARES) Project and the Best Social Development Deal in Africa Award for its Guaranteed Loans for Women (GLOW) programme.
The awards highlight the increasing importance of sustainable finance in addressing critical development challenges, including energy poverty, climate resilience, gender inequality and economic inclusion.
Central to the recognition is the DARES Project, a large-scale renewable energy initiative being implemented by BOI in partnership with the Rural Electrification Agency (REA) and supported by the World Bank through a $750 million International Development Association (IDA) credit facility.
The project aims to accelerate access to clean and reliable electricity in underserved and unserved communities through the deployment of solar mini-grids, helping to reduce dependence on fossil fuels while improving energy security for households, businesses and institutions.
As part of its broader commitment to sustainable infrastructure financing, BOI disbursed ₦27 billion to eight businesses within its Power and Utilities portfolio in 2025. According to the Bank’s 2025 Annual Development Impact Report, all projects financed under the portfolio demonstrated full financial additionality, meaning they would not have proceeded without BOI’s intervention.
The report further revealed that the Power and Utilities portfolio achieved the highest Development Impact Framework score among all sectors financed by the Bank, reflecting its significant contribution to expanding clean energy access, stimulating economic activity and supporting Nigeria’s transition to a low-carbon future.
Beyond environmental sustainability, BOI was also recognised for promoting social sustainability through its Guaranteed Loans for Women (GLOW) programme, which seeks to address structural barriers limiting women’s participation in the economy.
The initiative provides women-owned and women-led enterprises with access to affordable financing, capacity-building programmes, mentorship opportunities and market linkages designed to strengthen business growth and long-term resilience.
By supporting female entrepreneurs across diverse sectors, the programme contributes to greater economic inclusion, job creation and shared prosperity, while helping women-owned businesses take advantage of emerging opportunities under the African Continental Free Trade Area (AfCFTA).
Speaking on the recognition, Managing Director and Chief Executive Officer of BOI, Dr. Olasupo Olusi, said the awards reaffirm the institution’s commitment to investments that generate measurable economic, social and environmental benefits.
According to him, expanding renewable energy access and empowering women entrepreneurs remain critical pillars of the Bank’s strategy to build a more inclusive, resilient and sustainable economy.
The dual recognition reinforces BOI’s position as a leading development finance institution leveraging innovative financing to advance sustainable development goals, strengthen climate resilience, promote gender equality and support Nigeria’s long-term economic transformation.
As sustainability increasingly becomes central to development finance, BOI’s investments in clean energy infrastructure and inclusive enterprise development demonstrate how targeted financing can create lasting impact for communities while supporting national and global sustainability objectives.
