By Adedapo Adesanya
President Bola Tinubu has assured stakeholders that Nigeria is committed to implementing world-leading sustainability reporting standards to unlock capital investments, transform business models, and safeguard the environment.
The President gave the assurance in Abuja during a meeting with the International Sustainability Standards Board (ISSB) Chair, Mr Emmanuel Faber, which coincided with the launch of Nigeria’s Adoption Readiness Roadmap by the Financial Reporting Council of Nigeria (FRC), in collaboration with ISSB.
The roadmap aims to guide businesses toward comprehensive sustainability reporting standards.
The President explained that IFRS Sustainability Standards were developed to enhance investor-company dialogue.
Mr Tinubu said Nigeria would collaborate with ISSB to effectively harness national resources through reformed and reinforced financial management systems.
‘’As an administration, we are committed to adopting cutting-edge models for financial reporting and process standardisation.
“This applies to environmental regulation, where we are on the verge of significantly reducing the volume of gas flaring in the country.
“We are more transparent than ever before, and we are doing everything possible to represent the continent in a way that will be beneficial to humanity as a whole,’’ the President said.
Mr Faber, while recounting Nigeria’s commitment to sustainability reporting, said Nigeria has expressed its intent to be among the earliest adopters of rigorous new standards at the COP 27 in Egypt in 2022.
‘’I am extremely happy to be in Nigeria as the country announces its Adoption Readiness Roadmap. Nigeria is leading the pack in Africa and around the world.
“These standards, which Nigeria is willingly adopting, will unlock sustainable capital inflows through foreign direct investments, promote inclusivity in value chains, and facilitate the decarbonisation of the national economy,’’ Faber said.
On his part, Mr Rabiu Olowo, the Executive Secretary of the Financial Reporting Council of Nigeria (FRC), explained that Nigeria’s decision to join the global baseline for sustainability reporting marks the country as one of the earliest proponents.
He said this would also enhance the transparency of financial information and business performance through sustainable reporting practices.
‘’The adoption readiness working group is set to pilot our affairs and roadmap to help us succeed on this journey.
“We are happy to inform the President that the work of the adoption readiness roadmap is ready. 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,’’ Mr Olowo said.
