Nigeria Launches Groundbreaking the Financial Reporting Council (FRC) of Nigeria, in collaboration with the International Sustainability Standards Board (ISSB) and NGX Regulation Limited (NGX RegCo), announced the launch of the first two IFRS Sustainability Disclosure Standards (IFRS S1 and IFRS S2 Standards). The event, held at the Nigerian Exchange Group House in Lagos, marked a significant milestone for Nigeria, as it became the first African country to adopt these standards, which were simultaneously launched in major global financial centers including New York, London, Frankfurt, Singapore, Santiago, and Montreal.
Ambassador Shuaibu Adamu, the Executive Secretary of FRC, emphasized that this launch demonstrates Nigeria’s unwavering commitment to responsible and sustainable business practices. The adoption of these standards positions Nigeria as a global leader in sustainability reporting and sets a powerful example for other nations. Adamu also highlighted the collaboration with NGX RegCo and ISSB, underscoring the importance of private capital and the role of the capital market in mobilizing funds for sustainable development.
He emphasized that comprehensive, transparent information on sustainability and climate-related risks and opportunities is essential for attracting private investment capital, which plays a crucial role in driving sustainable development.
Adamu further explained that the IFRS Sustainability Disclosure Standards will provide a common global language for sustainability disclosures, facilitating communication between companies and investors. They will also enhance transparency in assessing sustainability-related risks and opportunities, thereby attracting green finance and guiding investment decisions. The growing global environmental, social, and governance investor base, with over $2 trillion in global institutional investor funds under management, necessitates Nigeria’s commitment to climate and sustainable development.
Ms. Tinuade Awe, the Chief Executive Officer of NGX RegCo, hailed the launch as a significant milestone for the growth of the capital market. The standards provide Nigerian companies with a global baseline for reporting, enabling them to meet international expectations. NGX RegCo remains committed to promoting a fair, transparent, and orderly market that prioritizes the timely dissemination of information for the protection of investors in the Nigerian capital market.
Ndidi Nnoli-Edozien, a Board Member at ISSB, explained that ISSB was established as a sister entity to the International Accounting Standards Board during COP26. The launch of the standards aims to integrate sustainability and climate-related risks into investments, guiding capital flows. By creating a single global baseline that is interoperable with other standards such as GRI, the ISSB standards reduce the reporting burden and provide a comprehensive framework for sustainability reporting.
Lamido Yuguda, the Director-General of the Securities and Exchange Commission (SEC), conveyed a goodwill message, expressing Nigeria’s readiness to embrace sustainability as a core value in financial reporting practices. The launch of the ISSB Standards signals Nigeria’s commitment to transparent and responsible business practices, placing a strong emphasis on environmental stewardship, social well-being, and good governance.
Nigeria Launches Groundbreaking With the adoption of the IFRS Sustainability Disclosure Standards, Nigeria takes a significant step forward in promoting sustainable business practices, attracting investment capital, and aligning with global standards. The move underscores Nigeria’s commitment to environmental sustainability, social responsibility, and good governance, ultimately contributing to the nation’s economic development and positioning it as a leader in sustainability reporting.
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