BOI Inaugurates Industrial Energy Efficiency Committee

Bank of Industry (BOI) has inaugurated a six-member Project Investment Committee (PIC) aimed at improving Industrial Energy Efficiency (IEE), Resource Efficiency and Cleaner Production (RECP) through pragmatic and innovative approaches.

The committee was inaugurated on Tuesday at BOI office in Lagos.

Members of the committee include BOI, Manufacturers Association of Nigeria (MAN), United Nations Industrial Development Organisation (UNIDO), and Chartered Institute of Bankers Nigeria (CIBN).

Others are the Federal Ministry of Trade and Investment (FMITI), and the Nigerian Investment Promotion Commission (NIPC).

Mr Olukayode Pitan, Managing Director, BOI, said that the establishment of the committee was to enable industries to align with energy management systems for a sustainable environment.

“Climate change is getting harder every year and the issue of industrial pollution, including air, noise, and waste disposal among others have been a major concern around the globe.

“Industrial pollution contaminates drinking water, releases toxins in the air, reduces the quality of soil for agriculture, and constitutes a danger to human health as well as animals and plants:, Pitan said.

According to him, to achieve its developmental goal, BOI knows that sustainability considerations must be incorporated into its business and professional activities.

“This project will enable industries to align with energy management systems which will lead to reduced environmental pollution, lower industrial power level and reduced cost of production among others.

“Therefore BOI’s participation in this project demonstrates a strong commitment of the bank in contributing its quota towards achieving sustainable development,” he said.

He said the benefits of IEE and RECP include reduced cost of production, improved profitability, resourcefulness and competitiveness.

Others are improved health, a stronger economy, improved brand image and a reduction in the explosion of global rising energy prices.

He urged the committee to ensure that the goals of improving energy efficiency for a sustainable environment were actualised.

Mr Oluyomi Banjo, a representative of UNIDO said the project would address questions on how industries can improve efficiency and increase profitability.

He also said would help industries operate at international best standards, comply with regulations and maintain improved relationships with policymakers.

Banjo said the project hoped to support not less than 75 industries across five sectors and beyond.

“The five sectors are food and beverage, steels and metals, petrochemicals, wood and furniture, textiles and garments.

“UNIDO has implemented IEE in over 18 countries across the world and RECP in over 60 countries.

“This project will create an opportunity to develop IEE and RECP methodologies and human capacity building which will see Nigerians being trained to global standard as energy assessors and RECP experts.

“We are hoping that this will eventually lead to national cleaner production centres in the country which will also produce a circular economy,” he said.

Responding, Mr Segun Ajayi-Kadir, Director-General, MAN, commended BOI for developing ways businesses can thrive and survive in a sustainable environment.

Kadiri assured that the committee would work with BOI assiduously to achieve the objectives of the committee.

Dr Ezekiel Oseni, Chief Risk Officer, BOI said the committee aimed to recommend ways to reduce the cost of production and promote efficiency.

“This is to support industries and provide them with tools and machinery that are ecosystem-friendly and cost-efficient.

“We believe that IEE will enable our manufacturers and industries to compete effectively with our exports and imports,” he said.

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