The Bank of Industry (BoI) has called on Nigerian MSMEs to adopt Environmental, Social and Governance (ESG) practices to enhance competitiveness, growth, and resilience in the global economy.
Speaking at the BoI inaugural ESG Conference in Lagos, which also launched the ESG Adoption by Nigerian MSMEs report, BoI Managing Director Dr Olasupo Olusi emphasised that ESG integration is key for MSMEs, which account for over 90 per cent of businesses, contribute almost half of GDP, and provide millions of jobs.
“Embedding ESG in daily operations makes MSMEs more bankable and globally competitive,” Olusi said, adding that BoI had observed growing adoption of renewable energy, waste reduction, and governance improvements across the sector.
Mrs Tenioye Majekodunmi, Director-General of the National Council on Climate Change, described ESG adoption as timely and urgent, noting that a transition to a low-carbon, inclusive economy would determine which businesses survive and thrive.
“MSMEs that prioritise sustainable reporting, efficient resource use, gender inclusion, and responsible governance will become preferred partners for global trade and finance,” she said, commending BoI’s leadership in the sector.
Mahamadou Diarra, Deputy Country Director of Agence Française de Développement Nigeria, reaffirmed AFD’s commitment to technical support and capacity building, ensuring environmental and social diligence in the financial institutions they fund.
The conference brought together policymakers, investors, and sustainability experts to bridge knowledge gaps, share insights, and promote ESG adoption across Nigeria’s MSME sector.
