Deji Elumoye in Abuja
President Bola Ahmed Tinubu has affirmed Nigeria’s dedication to diligently implement world-leading sustainability reporting requirements aimed toward unlocking capital investments, remodeling enterprise fashions, and safeguarding the surroundings within the nation.
The President gave the peace of mind on Thursday on the State Home, Abuja, throughout a gathering with the Chairman of Worldwide Sustainability Requirements Board (ISSB), Mr. Emmanuel Faber.
President Tinubu’s endorsement coincides with the launch of Nigeria’s Adoption Readiness Roadmap by the Monetary Reporting Council of Nigeria (FRC), in collaboration with ISSB.
The roadmap goals to information companies in direction of complete sustainability reporting requirements.
Highlighting the significance of compliance throughout the sustainability agenda, the President pledged that Nigeria would proceed to stick to worldwide requirements and expressed readiness to collaborate with ISSB to successfully harness nationwide sources by means of reformed and bolstered monetary administration methods.
His phrases: “As an administration, we’re dedicated to adopting cutting-edge fashions for monetary reporting and course of standardization. This is applicable to environmental regulation, the place we’re on the verge of considerably decreasing the amount of gasoline flaring within the nation.
“We’re extra clear than ever earlier than, and we’re doing the whole lot potential to characterize the continent in a means that might be useful to humanity as an entire”.
Earlier, ISSB Chair, Mr. Faber, whereas recounting Nigeria’s dedication to sustainability reporting, famous that at COP 27 in Sharm el-Sheikh, Egypt, in 2022, Africa’s largest economic system had expressed its intent to be among the many earliest adopters of rigorous new requirements, which is now a actuality.
”I’m extraordinarily joyful to be in Nigeria because the nation broadcasts its Adoption Readiness Roadmap. Nigeria is main the pack in Africa and world wide, and these requirements, which Nigeria is willingly adopting, will unlock sustainable capital inflows by means of international direct investments, promote inclusivity in worth chains, and facilitate the decarbonization of the nationwide economic system.”
On his half, Govt Secretary of the Monetary Reporting Council of Nigeria (FRC), Dr Rabiu Olowo, defined that Nigeria’s resolution to affix the worldwide baseline for sustainability reporting marks the nation as one of many earliest proponents dedicated to enhancing the transparency of monetary data and enterprise efficiency by means of sustainable reporting practices.
In keeping with him: ”The adoption readiness working group is ready to pilot our affairs and roadmap to assist us succeed on this journey. We’re joyful to tell the President that the work of the adoption readiness roadmap is prepared, and we’ve the roadmap for companies to observe. Now we have 5 units of early adopters, and we’ve a interval for voluntary adoption main as much as 2028 for obligatory adoption of the requirements”.