Sustainability reporting, practices will boost economy – FRC

The Financial Reporting Council has said sustainability reporting and practice could help Nigeria unlock foreign capital inflows, attract investments as well as improve the well-being of Nigerians.

The Executive Secretary/Chief Executive of FRC, Dr Rabiu Olowo, disclosed this at the signing of a Memorandum of Understanding (MoU) with the Nigeria Integrated Reporting Committee (NIRC) in Abuja.

He said given that only three per cent of climate finance finds its way to Africa, adopting sustainability practices could improve inflows, impact businesses and benefit the common man among others.

Dr Olowo at the signing ceremony, expressed his excitement about the development, highlighting its timeliness as Nigeria prepares to launch the roadmap report for the adoption of the International Sustainability Standards Board (ISSB) standards in two weeks’ time.

Olowo said the launch will coincide with the visit of Mr. Emmanuel Faber, Chair of ISSB, and his team to Nigeria as part of their African tour.

He said: “Nigeria has already declared its intent to early adopt the ISSB standards at the 2022 CoP 27 in Egypt. Following this declaration, the Adoption Readiness Working Group (ARWG) was established, and a roadmap report was issued in February 2024. The closing date for comments on the roadmap report is March 14, 2024.”

On his part, Dr Okwuosa said embracing sustainability reporting means it’s no longer business as usual for entities in Nigeria, adding that more than profit making, priority would be given to the environment, people and the planet.

He said, “With the MoU, the NIRC will support FRC in advocacy, capacity building, in reaching out to relevant stakeholders and organisations including the International Sustainability Standards Board (ISSB) to ensure that we gather resources enough to implement sustainability reporting in Nigeria.”