The Bank of Industry (BOI) has raised concerns over the growing impact of climate-related disruptions on businesses across Nigeria warning that environmental challenges are increasingly affecting productivity operational stability and long-term economic growth.
The warning was issued during the inaugural edition of the BOI Climate Resilience Knowledge Series held virtually where stakeholders discussed the implications of climate change for businesses and the need for stronger adaptation measures.
Speaking at the event the Executive Director for Corporate Finance and Risk Management at the Bank of Industry Rotimi Akinde, stated that climate-related risks are no longer distant environmental concerns but have become significant economic issues affecting enterprises across multiple sectors.
According to him industries such as agriculture manufacturing, and infrastructure are particularly vulnerable to the effects of changing weather patterns, extreme climatic events, environmental degradation and resource scarcity.
Akinde noted that disruptions caused by climate change are increasingly impacting supply chains, production processes, investment decisions and business continuity, thereby creating additional pressures on companies and the broader economy.
He explained that extreme weather events, flooding, drought, rising temperatures and other environmental challenges can lead to reduced agricultural yields, damage to critical infrastructure, increased operational costs and disruptions in the movement of goods and services.
The BOI executive stressed that building climate resilience has become essential for businesses seeking to remain competitive and sustainable in an increasingly unpredictable operating environment.
He further highlighted the importance of integrating climate risk management into corporate planning, investment strategies and business operations to minimise vulnerabilities and strengthen long-term performance.
According to Akinde, financial institutions, policymakers, development partners and private sector operators must work collaboratively to promote climate-smart investments and support businesses in adapting to emerging environmental risks.
The Climate Resilience Knowledge Series was organised as part of the Bank of Industry’s efforts to encourage dialogue, knowledge sharing and practical solutions aimed at helping businesses understand and respond to climate-related challenges.
Stakeholders at the event observed that climate change poses a growing threat to food security, industrial productivity, infrastructure development and economic stability particularly in developing economies where climate-sensitive sectors contribute significantly to employment and national income.
They emphasised the need for increased investment in climate adaptation measures, sustainable infrastructure, renewable energy, risk management systems and climate-smart agricultural practices to safeguard businesses and strengthen economic resilience.
Experts also noted that improving climate preparedness would help businesses mitigate losses, attract investment, enhance productivity and contribute to sustainable development goals.
The Bank of Industry reiterated its commitment to supporting initiatives that promote resilience, sustainable financing and environmentally responsible business practices as Nigeria continues to address the economic impacts of climate change.
