By Dipo Olowookere
Though the circular economy is not too popular in Nigeria, efforts are being made by organisations to deepen it in the country to help the environment.
A circular economy is a system where waste is reduced or minimised by reusing the ‘rubbish’ to make another useful item.
One of the firms promoting this economic system is the Nigerian Stock Exchange (NSE). The exchange has constantly explored new ways to apply sustainability practices in its business operations and promote the integration of Environmental, Social and Governance (ESG) imperatives in the Nigerian capital market.
In its 2019 Sustainability Report themed Encouraging Sustainable Businesses, Promoting Inclusive Growth, the bourse said it collected 1,809kg of recyclables from its head office in Lagos towards the promotion of circular economy.
Furthermore, the report noted that in the period under review, the green bond listing increased by over N30 billion, adding that it also executed the first cross-border green listing of Access Bank’s N15 billion Green Bond after a deal with the Luxembourg Stock Exchange (LuxSE).
In addition, the exchange achieved 342 per cent increase in the number of students impacted through the 2019 Global Money Week with 66,749 students engaged in 2019 compared with 15,116 in 2018.
Also, it received 40,966 applications for the annual NSE Essay Competition, up by over 100 per cent from 2018, while it hosted the inaugural Ring the Bell for Financial Literacy in collaboration with IOSCO and WFE
The report further said the sign up for the Employee Volunteering Programme (EVP) increased by 265 per cent, while the bourse was awarded the Best Corporate Social Responsibility Initiative (Promoting Sustainability & Reporting) at the 9th Marketing World Awards in Accra, Ghana and Rotary Outstanding Invaluable Company Award for CSR from Rotary International District 9110, Nigeria
Commenting on the report, the Head of Corporate Communications of the NSE, Mr Olumide Orojimi, stated that, “At The Exchange, we continue to hold ourselves accountable to the highest standards, constantly exploring new ways to apply sustainability practices in our business operations and promote the integration of Environmental, Social and Governance imperatives in the Nigerian capital market.
“This year’s report, therefore, spotlights the remarkable progress we made in implementing our strategic objectives with corresponding measurable impact on all stakeholder groups.”
“Recognising the critical role the capital market plays in achieving the SDGs, we also pushed forward in our commitment to galvanise action towards responsible business practices and disclosures by issuing the NSE Sustainability Disclosure Guidelines and launching the Facts Behind the Sustainability Report series.
“These initiatives, amongst others, will have a far-reaching impact on the practice of disclosure of non-financial activities across the private sector and further position the economy in favour of the big shift towards inclusive economic growth, driven by sustainable, responsible and impact investment”, Mr Orojimi added.
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