During a recent workshop held in Uyo, Akwa Ibom State, civil society organizations emphasized the need for financial institutions in Nigeria to reconsider the environmental and human rights implications of their investments. The event, part of a three-day capacity-building workshop organized by the Fair Finance Nigeria Coalition, brought together community groups, civil society representatives, and media professionals.
The workshop aimed to raise awareness of how financing decisions impact environmental sustainability and social equity in communities affected by extractive industries. Henry Ushie, Accountable Governance Programme Manager at Oxfam Nigeria, asserted that financial institutions should not be perceived as neutral players, as their funding choices significantly shape the business landscape.
The Fair Finance Nigeria initiative delves into the social and environmental outcomes of financial policies and investments, covering issues from climate change to human rights. Ushie remarked on the need for banks to improve their policies and practices to avoid contributing to environmental degradation.
Calling for stronger regulatory frameworks, he urged the Central Bank of Nigeria and the National Assembly to enhance oversight of financial institutions. “Banks should implement existing policies effectively and ensure community participation in their sustainability efforts,” he added.
A coalition member, Harry Udoh, highlighted the disproportionate burden communities face as a result of extractive activities funded by banks. He noted that such sectors often harm local agriculture and fisheries, essential for residents’ livelihoods.
The workshop aimed to equip participants with the necessary skills to hold financial institutions accountable for their decisions. Advocates were advised to engage multiple channels when addressing grievances with financial institutions, as local complaints often face bureaucratic hurdles.
Participants also urged ongoing collaboration between journalists and the coalition to improve coverage of the intersections between finance, environmental degradation, and community rights. The workshop was described as a unique training opportunity that combined theoretical knowledge with practical applications, enabling participants to engage effectively in advocacy.
