• Tuesday, April 16, 2024
businessday logo

BusinessDay

Nigeria committed to int’l sustainable reporting standards – Tinubu

Tinubu calls for patriotism, support for government

President Bola Tinubu has affirmed Nigeria’s resolve to implement globally acceptable sustainability reporting standards to unlock capital investments, transform business models, and safeguard the country’s environment.

Tinubu gave the assurance during a recent meeting with Emmanuel Faber, chairman of the International Sustainability Standards Board (ISSB), in Abuja.

Read also: Unlocking economic stagnation: Lessons from Tinubu’s leadership

The president’s endorsement coincided with the launch of Nigeria’s Adoption Readiness Roadmap by the Financial Reporting Council of Nigeria (FRC), in collaboration with ISSB.

This roadmap aims to guide businesses towards comprehensive sustainability reporting standards.

Highlighting the importance of compliance within the sustainability agenda, the president pledged that Nigeria would continue to adhere to international standards and expressed readiness to collaborate with ISSB to effectively harness national resources through reformed and reinforced financial management systems.

”As an administration, we are committed to adopting cutting-edge models for financial reporting and process standardisation. 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 benefit humanity as a whole,” Tinubu said.

Faber, on his part, recounted Nigeria’s commitment to sustainability reporting, noting that at COP 27 in Sharm el-Sheikh, Egypt, in 2022, the country expressed its intent to be among the earliest adopters of rigorous new standards, which is now a reality.

”I am happy to be here as Nigeria announces its adoption readiness roadmap. Nigeria is leading the pack in Africa and around the world.”

He noted that these standards, which Nigeria is willingly adopting, will unlock sustainable capital inflows through foreign direct investments, promote inclusivity in value chains, and facilitate the decarbonisation of the national economy.

Rabiu Olowo, the executive secretary of the Financial Reporting Council of Nigeria (FRC), explained that Nigeria’s decision to join the global baseline for sustainability reporting marks the country as one of the earliest proponents committed to enhancing the transparency of financial information and business performance through sustainable reporting practices.

Read also: Tinubu and the delinquent economy

”The adoption readiness working group is set to pilot our affairs and roadmap to help us succeed on this journey. We are happy to inform the president that the work of the adoption readiness roadmap is ready.”

He said the agency now has the roadmap for businesses to follow, adding, “We have five sets of early adopters, and we have a period for voluntary adoption leading up to 2028 for mandatory adoption of the standards.”