Nigeria Adds to $42.6tr New Market Bank Assets

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  • Nigeria Adds to $42.6tr New Market Bank Assets

Global Progress Report on Sustainable Banking Network says Nigeria remains a major contributor to the $42.6 trillion bank assets by 34 emerging markets countries.

The report, released by the International Finance Corporation (IFC) of the World Bank Group, said the figure represented more than 85 per cent of the total bank assets in emerging markets in the world.

It named Nigeria a major force in its support towards development and fights against climate change, in line with objectives of the Sustainable Development Goals.

“Some of the 34 countries are wealthier than others, but all of them have made progress in advancing sustainable finance reforms. Eight countries including Bangladesh, Brazil, China, Colombia, Indonesia, Mongolia, Nigeria and Vietnam reached an advanced stage. “This is because they have implemented large-scale reforms and put in place systems for results measurement,’’ it stated.

The report further mentioned that there were practical indicators for countries to apply such reforms to their own domestic markets, regardless of their size or stage of development.

The IFC commended the endorsement of the Nigerian Sustainable Banking Principles by the Central Bank of Nigeria, to ensure a strong level of involvement from 34 national and international banks.

The report suggested that to continue to advance in growth of sustainable finance, the country’s banking principles should integrate guidelines related to green financial flows and provide financial or non-financial incentives.

The IFC’s Vice -President for Legal, Compliance Risk and Sustainability, Ethiopis Tafara, said the corporation’s findings showed that the even poorest countries could adopt sustainable finance reforms.

“This progress is an important step towards achieving the Sustainable Development Goals by 2030. The Sustainable Banking Network has demonstrated how much can be achieved in a short time when regulators, policymakers, trade associations and development institutions collaborate to advance sustainable finance,’’ Tafara said.

The IFC Country Manager for Nigeria, Eme Lore, in the report, praised Nigeria for proactively establishing and implementing the sustainable banking principles.

According to him, Nigeria is the first African country to become a member of the Sustainable Banking Network.

“ Today, Nigeria stands out as one of the most advanced Sustainable Banking Network members in reporting, requiring financial institutions to disclose their environmental and social performance on a bi-annual basis,’’ he said.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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