The NSBP programme was constituted under the auspices of the Central Bank of Nigeria and the Bankers’ Committee to formulate sustainable banking standards and guidelines for Nigerian banks. This led to the birth of the Strategic Sustainability Working Group (SSWG), of which First Bank of Nigeria, a subsidiary of FBN Holdings, is a member. With support from FMO Entrepreneurial Development Bank (FMO), International Finance Corporation (IFC) and an independent adviser, the SSWG was instituted to work under the Bankers’ Sub-Committee on Economic Development and Sustainability to develop the Nigeria Sustainable Banking Principles (NSBP). The priority focus areas for the sustainability programme were: agriculture (including water resource related issues and the Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL)), power (with an emphasis on renewable energy) and oil and gas. The Bank actively participated in two of the sub-committees (agriculture and oil and gas), which made submissions that were approved by the Bankers’ Committee for implementation by the sector regulators, banks and other related financial institutions.
FirstBank is a member of the steering committee responsible for providing implementation guidance on the NSBPs for signatories to the principles.