Nigeria’s commitment to implementing sustainability reporting standards to unleash capital investments, reform business models, and protect the environment has been reaffirmed by President Bola Tinubu.
The promise was given by the president at a meeting with Mr. Emmanuel Faber, the chair of the International Sustainability Standards Board (ISSB), on Thursday in Abuja, according to a statement released by the presidential spokeswoman, Ajuri Ngelale.
The Financial Reporting Council of Nigeria (FRC), along with ISSB, unveiled Nigeria’s Adoption Readiness Roadmap at the same time as the President’s endorsement.
Underscoring the significance of compliance in relation to the sustainability agenda, Tinubu promised Nigeria would persist in conforming to global norms and conveyed his willingness to work with ISSB in order to efficiently utilize domestic resources by means of strengthened and redesigned financial management systems.
As an administration, we’re dedicated to implementing state-of-the-art frameworks for process standardization and financial reporting. This is relevant to environmental regulations, as we are about to drastically cut the amount of gas flaring that occurs in the nation.
The President declared, “We are representing the continent in a way that will be beneficial to humanity as a whole, and we are more transparent than ever before.”
While describing Nigeria’s dedication to sustainability reporting, ISSB Chair Emmanuel Faber pointed out that the continent’s biggest economy had declared its intention to be among the first to embrace strict new criteria in 2022 at COP 27 in Sharm el-Sheikh, Egypt, and that goal is now a reality.
“To be in Nigeria at the time of the announcement of the Adoption Readiness Roadmap makes me very happy.”
“These standards, which Nigeria is voluntarily adopting, will unlock sustainable capital inflows through foreign direct investments, promote inclusivity in value chains, and facilitate the decarbonization of the national economy,” Mr. Faber stated. “Nigeria is leading the pack in Africa and around the world.”
Nigeria was one of the first nations to commit to improving the transparency of financial information and business performance through sustainable reporting practices, as stated by Rabiu Olowo, Executive Secretary of the Financial Reporting Council of Nigeria (FRC). Nigeria also became a member of the global baseline for sustainability reporting.
The working group on adoption preparation is prepared to oversee our operations and create a road map to ensure our success. We are pleased to notify the President that the adoption preparedness roadmap is complete and that businesses can use it as a guide.
“We have five groups of early adopters, and there will be a voluntary adoption phase until the standards are mandated to be adopted in 2028,” stated Olowo.