President Bola Tinubu has reiterated Nigeria’s commitment to diligently implement world-leading sustainability reporting standards aimed at unlocking capital investments, transforming business models, and safeguarding the environment in the country.
The President made the affirmation during a meeting on Thursday in Abuja with the International Sustainability Standards Board (ISSB) Chair, Mr. Emmanuel Faber.
This endorsement coincides with the launch of Nigeria’s Adoption Readiness Roadmap by the Financial Reporting Council of Nigeria (FRC), in collaboration with ISSB.
President Tinubu pledged that Nigeria would cohesively adhere to international standards and ensure collaboration with ISSB.
“As an administration, we are committed to adopting cutting-edge models for financial reporting and process standardization. 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 stated.
ISSB Chair, Mr. Emmanuel Faber, noted that at COP 27 in Sharm el-Sheikh, Egypt, in 2022, Africa’s largest economy had expressed its intent to be among the earliest adopters of rigorous new standards, which is now a reality.
“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, and these standards, which Nigeria is willingly adopting, will unlock sustainable capital inflows through foreign direct investments, promote inclusivity in value chains, and facilitate the decarbonization of the national economy,” he said.
The Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo explained that Nigeria’s decision to join the global baseline for sustainability reporting marks the country as one of the earliest proponents.
“We are happy to inform the President that the work of the adoption readiness roadmap is ready, and we have the roadmap for businesses to follow.” Olowo said.
Chinedum Anayo