EMPOWERING SMES THROUGH GREEN FINANCING: CASE STUDIES AND BEST PRACTICES FOR SUSTAINABLE DEVELOPMENT IN NIGERIA AND AFRICA

Bilkis Adeola Raji

DOI: 10.26480//bedc.01.2024.44.51

ABSTRACT
Green financing is now established as an important parameter of sustainability development, mainly in the context of emerging markets such as Nigeria and other African countries where the SMEs are widely active in the economy; this paper’s case studies focus on the assessment of green financing with fifteen SMEs within Nigeria and Africa to identify key successes and the role SMEs are playing in procuring sustainable environmental and economic growth; both qualitative and quantitative data were collected from green financing projects, which had already been implemented, with a view to evaluating environmental and positive economic effects and employment opportunities; the findings point to the reduction of carbon emissions, with most textile firms embracing Femi Solar Solutions and Rensource Energy in deploying renewable energy; EcoLife Development Foundation and M-KOPA Solar are examples of the green financing ability to boost agricultural yields sustainably; the study emphasises that further development of favourable policies and educational practices enhancing access to green financing for SMEs is needed; this review brings to bear the possibilities inherent in green financing, which, when implemented, will enhance possibilities of economic diversification, sustainability, and green economy in Nigeria and Africa; thus, by emulating the best practices established, even more SMEs can access green financing to support a greening economy; this paper contributes to practice and policy by offering insights from a range of prior studies and providing findings and key suggestions for policymakers and business stakeholders who seek to rebuild and strengthen sustainable financing in emerging markets.

KEYWORDS
Eco-Friendly Practices, Economic Growth, Environmental Impact, Financial Accessibility, SMEs

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12 June 2018
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