Sustainable banking in Nigeria: a strategy or a mindset?

In September 2012, the Central Bank of Nigeria launched the Nigerian Sustainable Banking Principles. The adoption and implementation of these principles are compulsory and require Nigerian financial institutions to develop a management approach that balances environmental and social risks. Since its launch, there have been a series of initiatives and dynamism towards embedding sustainability in the Nigerian banking sector. However, sustainable banking in Nigeria could be abandoned if it is not pursued by subsequent Central Bank governors. Unfortunately, the Nigerian business environment is particularly characterised by poor governance and weak consumer voice, which will in turn have implications for the success or failure of the longevity of the Nigerian Sustainable Banking Principles.