LAPO MfB, stakeholders adopt 11-point climate finance action plan

Nike Popoola

Stakeholders at the Sustainable Finance Conference 2.0 have adopted a 11-point action plan to advance climate-resilient and inclusive finance in Nigeria’s microfinance sector.

The conference, convened by LAPO Microfinance Bank Limited in Lagos, brought together regulators, microfinance banks, development partners, private sector players and researchers to discuss financing solutions for climate resilience and inclusive growth.

Participants noted that the meeting came amid rising climate risks, growing vulnerability among low-income communities and widening financing gaps within Nigeria’s financial inclusion ecosystem.

With the theme, “Microfinance for Climate Resilience: Empowering Communities, Driving Innovation, Shaping Policies,” stakeholders resolved that microfinance institutions should expand climate-smart financial products such as renewable energy financing, sustainable agriculture loans and micro-insurance.

They also called for the adoption of blended finance models, the development of a unified green taxonomy, increased climate literacy, and stronger digital innovation to improve product design and climate-risk management.

Managing Director of LAPO Microfinance Bank Limited, Cynthia Ikponmwosa, said microfinance institutions have a critical role in helping vulnerable communities adapt to climate change.

“Through innovative financial products and partnerships, we can empower communities to build resilience while creating sustainable economic opportunities,” she said.

Chairperson of the Board ESG Committee of the bank, Angela Omeiza, stressed the need for financial institutions to integrate Environmental, Social and Governance principles into their operations to drive sustainable development.

Keynote speaker, Franklin Nnaemeka Ngwu, Professor of Strategic Management and Governance at Lagos Business School, called for stronger institutional collaboration to address climate risks.

Also speaking, Ndidi Nwuneli, Founder and CEO of The ONE Campaign, highlighted the importance of investing in climate solutions that support smallholder farmers and women entrepreneurs.

Chief Executive Officer of Natural Eco Capital, Eugene Itua, emphasised the need to unlock carbon finance opportunities to support community climate projects.
Similarly, Godson Ikiebey of PwC called for stronger ESG reporting frameworks to attract responsible investment.

Special Adviser on Climate and Circular Economy to Babajide Sanwo-Olu, Governor of Lagos State, Titi Oshodi, urged collaboration between government and financial institutions to advance climate action.

Also speaking, Adegboya Kazeem of IBILE Microfinance Bank Nigeria Ltd emphasised the importance of partnerships among financial institutions to expand access to green financing for small businesses and low-income communities.

Participants commended LAPO Microfinance Bank Limited for convening the conference and reaffirmed their commitment to strengthening partnerships and implementing solutions that support vulnerable communities and accelerate Nigeria’s transition to a sustainable economy.