President Bola Tinubu of Nigeria has reaffirmed the country’s dedication to implementing sustainability reporting standards that aim to attract capital investments, reshape business strategies, and protect the environment. In a meeting with the Chair of the International Sustainability Standards Board (ISSB), Mr. Emmanuel Faber, President Tinubu expressed Nigeria’s commitment to upholding international standards and working closely with ISSB to optimize the country’s resources through improved financial management systems.
During the meeting, President Tinubu emphasized the importance of compliance with sustainability goals and highlighted Nigeria’s efforts to reduce gas flaring and enhance transparency in environmental regulations. He stated, “We are dedicated to adopting advanced financial reporting models and standardizing processes to benefit not only our country but also the entire continent.”
ISSB Chair, Emmanuel Faber, commended Nigeria for its proactive approach to sustainability reporting, noting that the country had pledged to adopt rigorous new standards at COP 27 in Egypt. He praised Nigeria for leading the way in Africa and globally, stating that the adoption of these standards would attract sustainable investments, promote inclusivity in value chains, and support the decarbonization of the economy.
Rabiu Olowo, the Executive Secretary of the Financial Reporting Council of Nigeria (FRC), explained that Nigeria’s decision to align with global sustainability reporting standards positioned the country as a frontrunner in promoting transparency and sustainable business practices. He announced the launch of Nigeria’s Adoption Readiness Roadmap, which includes a plan for businesses to follow leading up to mandatory adoption of the standards by 2028.
Overall, Nigeria’s commitment to sustainability reporting is not only a significant step towards attracting investments and promoting environmental protection but also showcases the country’s dedication to transparency and responsible business practices on a global scale.
