The Financial Reporting Council (FRC) has underscored the transformative potential of sustainability reporting and practices in Nigeria. Dr. Rabiu Olowo, the Executive Secretary/Chief Executive of FRC, emphasized that such initiatives could unlock foreign capital inflows, attract investments, and enhance the well-being of Nigerians.
Speaking at the signing of a Memorandum of Understanding (MoU) with the Nigeria Integrated Reporting Committee (NIRC) in Abuja, Dr Olowo highlighted the significance of sustainability practices in the context of Africa’s limited access to climate finance, which currently stands at a mere three per cent. He stressed that embracing sustainability could bolster inflows, empower businesses, and positively impact society.
Dr. Olowo expressed enthusiasm about Nigeria’s upcoming launch of the roadmap report for adopting International Sustainability Standards Board (ISSB) standards. Scheduled in two weeks, this launch will coincide with Mr. Emmanuel Faber, Chair of ISSB, and his team’s visit to Nigeria as part of their African tour.
“Nigeria’s commitment to early adopt the ISSB standards, declared at the 2022 CoP 27 in Egypt, underscores our proactive stance,” remarked Dr. Olowo. He further noted the establishment of the Adoption Readiness Working Group (ARWG) and the issuance of a roadmap report in February 2024, with the deadline for comments set for March 14, 2024.
Dr. Okwuosa, speaking alongside Dr. Olowo, emphasized that embracing sustainability reporting signifies a departure from traditional business practices in Nigeria. He emphasized that entities would prioritize environmental stewardship, societal well-being, and planetary health beyond profit-making.
“With this MoU, the NIRC pledges to support FRC in advocacy, capacity building, and engagement with stakeholders, including the ISSB, to ensure effective implementation of sustainability reporting in Nigeria,” stated Dr. Okwuosa.
