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Over the next 12 months, the banks agreed to develop their capacity to meet their newfound environmental and social responsibilities. Nine months later, the Central Bank of Nigeria (CBN) released the Nigerian Sustainable Banking Principles, an agreement signed by 34 banks, including the original eight, that covered nine areas of focus: environmental and social risk management, environmental and social footprint, human rights, women's economic empowerment, financial inclusion, environmental and social governance, capacity building, collaborative partnerships and reporting. But while the principles represent a significant advancement in a country that has been hobbled by decades of mismanagement and the so-called "resource curse"—created by the coexistence of vast oil wealth and chronic poverty that affects nearly half of the population—the recent news coming out of Nigeria paints a picture of two nations. But many economic indicators suggest that Africa's most populous nation (and second largest economy after South Africa) is not systemically affected by the ongoing crisis, remaining firmly on track to be one of the world's 20 largest economies by 2020, the primary goal of President Goodluck Jonathan's Nigeria Vision 20:2020 initiative. Part of that new Nigeria is a growing focus on social innovation, which makes sense in a culture where modifying, altering, redesigning, remodeling and reconstructing are a way of life. At last year's Maker Faire Africa, several locally oriented social innovations were unveiled, such as a bicycle remodeled as a tricycle with a trailer called a Wecycler that helps residents of Lagos recycle their trash, and a urine-powered generator created by a team of girls between the ages of 14 and 15. Foreign businesses are tapping into that local spirit of social innovation to help solve some of the nation's most critical issues. In Nigeria, part of that policy shift has been to avoid the issue of inefficient state-run utilities by privatizing the energy infrastructure.


In July, the International Monetary Fund (IMF) issued a technical note on Nigeria's monetary management, recommending that the CBN "make concerted efforts to strengthen financial infrastructure that promote banks lending to the private sector{14}, but it remains to be seen if the tenets of sustainable finance will be enforced.
At the end of 2010, ESG-profiled funds including self-reported integration of ESG factors into fund investment policy in South Africa, Kenya, and Nigeria was estimated at $125 billion in assets under management (AuM).
Naijapals - A Nigerian online community that allows people to engage in interactive activities and share local contents. Welcome to naijapals, Africa's Largest Online Social Networking and Entertainment Community. In 2011, the Social Innovation Camp that started in London in 2008 made its African debut in Lagos, bringing together social innovators who use mobile and web technology. Nigeria is one of the world's fastest growing economies, with official development assistance (ODA) down and foreign direct investment (FDI) on the rise.
The African Development Bank (AfDB) has committed to investing up to $3 billion over the next five years in energy infrastructure in Ethiopia, Ghana, Kenya, Liberia, Nigeria and Tanzania—priority countries in President Barack Obama's "Power Africa" initiative. Environmentalists are concerned on this point, considering that Nigeria is Africa's largest oil exporter and the world's 10th largest oil producer.


Nigeria’s Minister of Agriculture: Sustainability and Growth in Investments from Private Sector, but Banks Overcharge.
The Nigerian Sustainable Banking Principles - Paving the way for Responsible Business in Nigeria.
He has written consumer-oriented features, exclusive interviews with CEOs, scholars and social entrepreneurs, and editorials across a wide array of environment- and sustainability-related topics. Where You Can Meet New People And Read Latest News On Nigerian Entertainment , Politics , Celebrity Gists And Gossip , Latest nigerian music , Nigerian and african movies , Confessions , Interactive Discussion Forum and Lots More. Stubert asserted that the Nigerian Sustainable Banking Principles could "pave the way for sustainability and responsible business practice" on a larger scale.



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