The Bank of Industry (BOI) has been accredited by the Adaptation Fund as the implementation entity of climate-related development in Nigeria. 
 
Adaptation Fund, in its approval notice, stated: “Having considered the recommendation of the Accreditation Panel, the Adaptation Fund Board decided to accredit the Bank of Industry (BOI) of Nigeria as a National Implementing Entity (NIE) of the Adaptation Fund for five years.”  

Under the scheme, BOI, in this capacity as the national implementing entity, will be in a position to recommend and attract funding to finance projects in communities affected by adverse climate conditions.
 
Climate change presents critical and multifaceted challenges for Nigeria, impacting many sectors and exacerbating existing vulnerabilities. Increased temperatures, erratic rainfall patterns, and rising sea levels are leading to more frequent and extreme weather events, such as floods, droughts and heatwaves, which affect agriculture, water resources, biodiversity and human health. Climate-related challenges disproportionately affect the poorest Nigerians and risk derailing progress toward the Sustainable Development Goals (SDGs). 
 
According to a statement from the bank’s Divisional Head, Public Relations, Theodora Amechi, BOI, under the leadership of its Managing Director, Dr Olasupo Olusi, has positioned itself as a global development partner in climate finance by becoming the first Nigerian implementing entity ever certified by the Adaptation Fund. 
 
Olusi stated that “this certification now enables BOI to access up to $10 million for a single climate adaptation project and as much as $20 million in total for nationwide interventions.”
 
The Adaptation Fund, established under the Kyoto Protocol of the United Nations Framework Convention on Climate Change (UNFCCC) with the World Bank serving as Trustee, finances projects and programmes that help vulnerable communities in developing countries adapt to climate change. 

According to the Fund, “Initiatives for funding are based on country needs, views and priorities. Since 2010, the Adaptation Fund has committed about $1.25 billion for climate change adaptation and resilience projects and programmes, including 183 concrete, localised projects in the most vulnerable communities of developing countries around the world with about 45.8 million total beneficiaries.”