The Central Bank ofNigeria (CBN)Governor, Lamido Sanusi, has said the Economic Management Team (EMT) is set to consider and develop an infrastructural finance policy for the country.Speaking at the end of the sustainable finance week organised by Access Bank in Lagos, Sanusi said the policy was a stimulus to the development of the economy, adding that the Team would also look at sustainable finance to incorporate issues of the environment and social responsibility to the finance sector.He regretted that though banks lend to the oil industry, a lot of them do not adhere to environmental standards in the country, stressing that the industry would soon review its position not to lend to any oil company that do not meet certain environmental standards.We help ourselves, not just to make money, but also to recreate and reproduce the environment in which we can continue to have long term profitability, because, the oil companies' long term survival itself is dependent on the ability to have justice and equity for the environment in which they operate,' he saidMeanwhile, eight Nigerian banks at the end of the event signed an undertaking to prepare, activate and adopt sustainable lending principles within the next six months.The new lending principles are aimed at ensuring increased awareness for environmental protection, social well-being and economic prosperity.The eight banks which made this commitment include: Access Bank, Citibank Nigeria Limited, Diamond Bank Plc, First Bank of Nigeria Plc, GTBank Plc, Stanbic IBTC Bank Plc, Standard Chartered Bank Limited and Zenith Bank Plc.The banks also agreed to develop their various internal capacity as required to manage their environmental and social responsibilities within the next one year.According to the banks, they are prepared to, henceforth, take steps to ensure that their lending and investment activities are carried out responsibly, in line with international best practices and with due regard to the Nigerian context.Speaking on the development, Sanus said that the new lending principles would be taken to the Bankers' Committee, to make sure that all banks subscribe to the idea and begin to take steps towards the protection of the environment.According to him, sustainable finance involves looking at how banks incorporate issues of environment and social responsibility into financing.'This process has come so far with the help of development partners. What we want to do now is place it on the agenda of the Bankers' committee and make the banks themselves own this, and agree that this is the way they want to operate. We need to understand that as an industry, we will not continue to take savings and deposits from Nigerians and then lend to companies that will use the funds to destroy the environment,' he said.
Click here to read full news..
