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 a pragmatic and innovative approach.

Members of the committee, which was inaugurated recently at BoI office in Lagos are the Bank of Industry, the Manufacturers Association of Nigeria (MAN), the United Nations Industrial Development Organisation (UNIDO) and the Chartered Institute of Bankers of Nigeria (CIBN), Federal Ministry of Industry, Trade and Investment (FMITI) and the Nigerian Investment Promotion Commission (NIPC).

Managing Director and Chief Executive Officer (MD/CEO) of BoI, Olukayode Pitan, said the establishment of the committee was to enable industries to align with energy management systems for a sustainable environment.

He said: “Climate change is getting harder yearly, while industrial pollution, including air pollution, noise and waste disposal, among others, have been a major concern around the globe. Industrial pollution contaminates drinking water, releases toxins into the air, reduces the quality of soil for agriculture and constitutes danger to human health, as well as animals and plants.”

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According to him, to achieve its development goals, the BoI knows that sustainability considerations must be incorporated into its businesses and professional activities.

Speaking further, he said: “This project will enable industries to align with energy management systems which will lead to reduced environmental pollution, lower industrial power level and reduced costs 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.”

Pitan stressed that the benefits of industrial energy efficiency, resource efficiency and cleaner production include reduced cost of production, improved profitability, resourcefulness, competitiveness, improved health, stronger economy, improved brand image and reduction in the explosion of global rising energy cost.

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

Responding, a representative of UNIDO, Oluyomi Banjo, said the project would address questions of how industries can improve efficiency and increase profitability maintaining that with the project, industries would operate at international best standards, comply with regulations and maintain improved relationship with policymakers.

Banjo pointed out that the project hoped to support no fewer than 75 industries in food and beverage, steel and metals, petrochemicals, wood and furniture, textiles and garments sectors and beyond.

“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 standards as energy assessors and RECP’s experts,” he said.

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