The Bank of Industry (BOI) has partnered the United Nations Industrial Development Organisation (UNIDO) to improve industrial energy efficiency in Nigeria.
This was revealed by the managing director of BoI, Olukayode Pitan, at the launch of the Industrial Energy Efficiency (IEE) and Resource Efficiency and Cleaner Production (RECP) Project Investment Committee in Lagos.
He said the benefits of IEE and RECP included reduced cost of production, improved profitability, resourcefulness, competitive edge, improved health and a stronger economy.
The country representative and regional director at UNIDO Regional Office Hub, Jean Bankole, disclosed that globally, industries account for one-third of total energy consumption and for almost 40 per cent of worldwide carbon dioxide emissions.
Bankole who was represented by the environment expert, Oluyomi Banjo, said the International Energy Agency (IEA) has emphasised that industries will need to reduce their current direct emissions globally by about 24 per cent.
He said, “A pilot financing RECP-IEE scheme will be executed through the Bank of Industry of Nigeria and Issues around ISO 50000 and 14001 will be executed through the Standards Organisation of Nigeria (SON). We hope to support not less than 75 industries across five sectors of food and beverage, wood and furniture, steel and metals, textiles and garment and petrochemicals.
BOI’s chief risk officer, Dr Ezekiel Oseni, who further spoke on the partnership, said, “Since the costs of production are so high and about 40 per cent of that is attributable to energy, there is a need for reduction and creation of opportunity for companies to compete effectively with industrial energy efficiency.”