Nigeria Selected as Sole African Country as participant in the launch of two new sustainability standards, FRS S1 and IFRS S2-FRC standards, developed by the International Sustainability Standards Board. This announcement was made by Shuaibu Adamu, the Executive Secretary of the Financial Reporting Council Nigeria, during a three-day virtual workshop on IFRS Sustainability Disclosure Standards for companies and investors in the capital market.
The workshop, organized by NGX Regulation Limited in collaboration with the International Sustainability Standards Board and the Financial Reporting Council of Nigeria, aimed to provide insights into the newly developed sustainability standards and enhance awareness and capacity building in Nigeria and Africa.
Speaking at the webinar, Adamu highlighted the significance of Nigeria Selected as Sole African Country participating in the launch of the standards. He stated, “The International Sustainability Standards Board was established at COP26 and has since been working on developing sustainability standards for global use. They have successfully developed two standards, which will be launched this June, and I am pleased to announce that Nigeria has been chosen as one of the countries for the launch. In fact, I believe Nigeria is the only African country selected for this honor.”
Adamu emphasized that the webinar would play a crucial role in creating awareness and building capacity to ensure that Nigeria and Africa remain at the forefront of sustainability reporting.
The Nigerian Exchange Limited expressed that the webinar would delve into the development of the SASB Standards, which facilitate cost-effective industry-specific disclosures, providing decision-useful information for investors.
Ms. Tinuade Awe, the Chief Executive Officer of NGX RegCO, commented on the commitment of the NGX Group to drive sustainability and climate disclosures. She stated, “We are delighted to partner with organizations such as the FRC, and we have a long-standing dedication to sustainability and climate reporting. These sessions are significant, and we anticipate further collaborations with the FRC and other organizations.”
Awe further revealed that an adoption readiness strategy has been devised to support accountants and auditors in sustainability and climate reporting.
Ndidi Nnoli-Edozien, a Board Member of the International Sustainability Standards Board, highlighted the global reach of the IFRS standards, stating that they are utilized in 140 countries.
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