Banks commit to sustainable finance in Nigeria

Sep 26, 2011

Eight commercial banks committed to adopt the principles of sustainable finance, during a recent conference in Lagos.

Eight commercial banks committed to adopt the principles of sustainable finance, during a recent conference in Lagos.

These are GT Bank, Diamond Bank, Zenith Bank, Standard Chartered Bank, Access Bank, First Bank of Nigeria, Stanbic IBTC Bank and Citibank Nigeria.

Sanusi Lamido, Nigeria Central Bank Governor, believes that banks can no longer take savings and deposits from Nigerians and then lend to companies "that will use the funds to destroy the environment".

"The long term survival of the system depends on the protection of the ecosystem," Ecofin news agency quoted him as saying at the event.

He was speaking during the first Sustainable Finance Week, organised by the United Nations Environment Programme Finance Initiative, which was held on September 7th to 9th in Lagos.

Bankers, ministers, researchers, investors and international development finance institutions gathered to discuss opportunities in the fields of finance and sustainability.

They covered topics such as innovative funding mechanisms in sustainable finance, renewable energy and agribusiness.

"Financial institutions should see investments in renewable energy resources and the environment as a necessity," said Nigerian economist Lekan Fadina, quoted by Justmeans newspaper, adding that sustainable finance can create jobs for millions of people in Nigeria.
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