Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » IFC to support CBN in strengthening sustainable banking

    IFC to support CBN in strengthening sustainable banking

    May 15, 2013
    Share
    Facebook Twitter LinkedIn WhatsApp

    CBN corporate Hq 115 May 2013, Sweetcrude/African Press Organization (APO), ABUJA, Nigeria — IFC, a member of the World Bank Group, today signed an agreement with the Central Bank of Nigeria to support the implementation of standards, policies and guidelines for environmental and social best practices in the Nigerian banking sector, with the aim of promoting sustainable and inclusive growth of the Nigerian economy.

    As part of the agreement IFC will train Central Bank staff on how to supervise the financial sector in the implementation of the Nigerian Sustainable Banking Principles and Sector Guidelines, passed by the Central Bank of Nigeria in July 2012 and signed by all Nigerian banks.

    The Nigerian Sustainable Banking Principles include commitments by the signatories to integrate environmental and social considerations into business activities, respect human rights, promote women’s economic empowerment, and promote financial inclusion by reaching out to communities that traditionally have had limited or no access to the formal financial sector.

    Aisha Mahmood, Sustainability Advisor to the Governor of the Central Bank of Nigeria, said, “Working with IFC will help us further develop existing practices and capacities on environmental and social risk management among financial institutions. As regulators of the Nigerian financial sector, we recognize that financial institutions are key drivers in supporting sustainable economic growth.”

    The partnership with the Central Bank of Nigeria is part of IFC’s Environmental Performance and Market Development Program, which aims to encourage sustainable lending standards among financial institutions in Sub-Saharan Africa and to promote environmental and social standards at a market level.

    Solomon Adegbie-Quaynor, IFC Country Manager for Nigeria, said, “Sustainable business practices are important to financial institutions as they effectively add value both to the banking sector and to the general economy. We will support the Central Bank of Nigeria in this key initiative by sharing knowledge and technical resources.”

    IFC is a leading investor in Sub-Saharan Africa and Nigeria, with a fast-growing, well-performing portfolio. IFC’s portfolio in Nigeria stands at $1.1 billion, the largest country portfolio in Africa and the eighth-largest globally

    About IFC
    IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges.

    Related News

    Amakpe Refinery Chairman sues financial firm, denies $1.46m debt claim

    Nigeria commits $50m to Wholesale Impact Investment Fund

    ‘Nigeria’s $5bn oil-backed loan from Aramco delayed by oil price drop’

    E-book
    Resilience Exhibition

    Latest News

    AI to bolster oil recovery as Africa maximizes production at ageing fields

    June 11, 2025

    ADNOC Gas takes FID and awards $5b contracts for RGD project

    June 11, 2025

    Amakpe Refinery Chairman sues financial firm, denies $1.46m debt claim

    June 10, 2025

    Recovered funds boost student loans, credit access for civil servants – EFCC

    June 10, 2025

    Nigeria commits $50m to Wholesale Impact Investment Fund

    June 10, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.