Nigeria’s financial reforms get IFC’S nod

NIGERIA’S banking reforms has helped it to expand sustainable lending, thereby becoming one of the 34 emerging markets that are recognized as a major force in driving development . According to the Global Progress Report of the Sustainable Banking Network, an International Finance Corporation-supported organisation of banking regulators and associations, the reforms have also helped it in fighting climate change.

The information, contained in a statement by the World Bank on Tuesday, explained that the 34 countries’ reviewed account is worth $42.6 trillion in bank assets- more than 85 per cent of total bank assets in emerging markets.

According to the report, some are wealthier than others, but all of them have made progress in advancing sustainable finance. Among the number, eight countries- Bangladesh, Brazil, China, Colombia, Indonesia, Mongolia, Nigeria, and Vietnam, have reached an advanced stage, having implemented largescale reforms and put in place systems for results measurement . “This progress is an important step toward achieving the Sustainable Development Goals by 2030. It shows that even the poorest countries can adopt sustainable finance r e f o rm s .

“The Sustainable Banking Network has demonstrated in a short time how much can be achieved when regu- lators, policymakers, trade associations and development institutions collaborate to advance sustainable finance,” IFC’S Vice President for Legal, Compliance Risk and Sustainability, Ethiopis Tafara, said. The report provides practical indicators and tools for countries to apply to their own domestic markets, regardless of their size or stage of development. This is important because it facilitates learning by all members and accelerates the pace of change, while it is based on an innovative results- measurement approach that has been agreed by all 34 member countries- a remarkable achievement that is breaking new ground for measuring progress at the global level.