President Bola Ahmed Tinubu has confirmed Nigeria’s commitment to implementing top sustainability reporting standards to attract investments, change business models, and protect the environment in the country.
The President made this promise on Thursday, March 21, 2024, at the State House, Abuja, during a meeting with the Chairman of International Sustainability Standards Board (ISSB), Mr. Emmanuel Faber.
The President’s endorsement matches the launch of Nigeria’s Adoption Readiness Roadmap by the Financial Reporting Council of Nigeria (FRC), with ISSB's collaboration.
This roadmap aims to guide businesses towards comprehensive sustainability reporting standards.
During the meeting, President Tinubu stressed the importance of compliance within the sustainability agenda and assured that Nigeria would stick to international standards. He also expressed readiness to work with ISSB in utilizing national resources through reformed financial management systems.
”As an administration, we are dedicated to adopting advanced models for financial reporting and process standardization. This applies to environmental regulation, where we are close to significantly reducing the volume of gas flaring in the country. We are more transparent than before and are making every effort to represent the continent in a way that will benefit humanity as a whole,” the President stated.
Mr. Emmanuel Faber, the ISSB Chair, praised Nigeria’s dedication to sustainability reporting. He remembered Nigeria’s commitment to being among the first adopters of new standards at COP 27 in Sharm el-Sheikh, Egypt, in 2022.I am very pleased to be in Nigeria as the country declares its Adoption Readiness Roadmap. Nigeria is leading in Africa and worldwide, and these standards, which Nigeria is willingly adopting, will attract sustainable capital inflows through foreign direct investments, promote inclusivity in value chains, and facilitate the decarbonization of the national economy,”
Dr. Rabiu Olowo, the Executive Secretary/CEO of the FRC, explained that Nigeria’s decision to join the global baseline for sustainability reporting shows its early commitment to improving transparency in financial information and business performance through sustainable reporting practices.The adoption readiness working group is ready to pilot our plans and roadmap to help us succeed on this journey. We are delighted to inform the President that the work of the adoption readiness roadmap is ready, and we have the roadmap for businesses to follow. We have five sets of early adopters, and we have a period for voluntary adoption leading up to 2028 for mandatory adoption of the standards,”
Nigeria is setting the stage for sustainable reporting practices, making it a significant driver of economic growth while protecting the environment. The implementation of these top standards will attract investments, promote inclusive value chains, and contribute to the decarbonization of the national economy.
