21 May 2013, Sweetcrude, Lagos – Local and international financial market update. NIGERIA: Investors’ interest and confidence in the Nigerian…
Browsing: Financing
21 May 2013, Lagos – A handsome $16.609 billion (N2.641 trillion)went into Federal Government coffers in the first three months…
Skye Bank plans to inject about $150 million (N24 billion) in the Nigerian power sector in this year, its group…
20 May 2013, Lagos – Leading oil marketing company, MRS Oil Nigeria, saw its profit after tax drop by 66.7…
20 May 2013, Sweetcrude, Lagos – Local and international financial market services update. NIGERIA: Inflation rate measured by the Consumer…
20 May 2013, Abuja – The amount of funds in Nigeria’s Excess Crude Account, ECA, has dropped to $5.27billion, Minister…
19 May 2013, Abuja — Nigeria’s Federal Executive Council, FEC, on Wednesday in Abuja approved a medium term debt management strategy…
17 May 2013, Sweetcrude, Lagos – Local and international financial market services update. NIGERIA: Nigerian inflation accelerated to 9.1% in…
16 May 2013, Sweetcrude, Lagos – Local and international financial market services update. NIGERIA: Nigeria approved a debt-management plan that…
ABUJA, Nigeria, May 15, 2013/African Press Organization (APO)/ — 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. For more information, visit www.ifc.org.
