- IFC: Nigeria Contributes to $42.6tr Emerging 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.
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 include 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.