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IFC commends CBN over banking reforms

H.M. Queen Máxima of the Netherlands, the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), and IFC’s Managing Director, Makhtar Diop, during the opening of the 7th SBFN Global Meeting

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

February 28, 2018

ABUJA—The International Finance Corporation, IFC, has commended the Central Bank of Nigeria, CBN, for implementing sustainable banking principles in the country.

Nigeria has introduced banking reforms to expand sustainable lending, becoming one of 34 emerging markets that are becoming a major force in driving development and fighting climate change, according to the first comprehensive Global Progress Report of the Sustainable Banking Network, an IFC-supported organization of banking regulators and associations.

The report, was released in Washington, United States of America, yesterday, according o a statement by the World Bank Country Office in Abuja.

According to the report, the 34 countries account for $42.6 trillion in bank assets—more than 85 percent of total bank assets in emerging markets, with eight of them—Bangladesh, Brazil, China, Colombia, Indonesia, Mongolia, Nigeria, and Vietnam—having implemented large-scale reforms and put in place systems for results measurement.

He said: ”This progress is an important step toward achieving the Sustainable Development Goals by 2030,” said Ethiopis Tafara, IFC’s Vice President for Legal, Compliance Risk and Sustainability. It shows that even the poorest countries can adopt sustainable finance reforms.”

By Emma Ujah, Abuja Bureau Chief