Stakeholders Urge Companies To Collectively Adopt SDG-aligned Practices

Industry stakeholders have called on companies to collectively adopt SDG-aligned practices to meet social and governance expectations in the society.

Industry leaders, experts, and stakeholders stated this at the Sustainable Futures Africa event, hosted by Hudson Sandler in collaboration with the United Nations Global Compact Nigeria held in Lagos, as they explored and discussed the Environmental, Social, and Governance (ESG) aspects of sustainable development in Nigerian businesses.

The event featured insightful presentations, case studies, and a dynamic panel discussion, providing valuable perspectives on the integration of ESG principles into business strategies. 

Executive director, UN Global Compact Network Nigeria, Naomi Nwokolo stated, “Globally, there is an average annual funding shortfall of $2.5 trillion between public and private investments in sectors related to the Sustainable Development Goals (SDGs) in developing countries (UN Sustainable Development Group). 

“Businesses in Africa are making huge contributions to society, but few are fully engaged in environmental, social, and governance (ESG) issues. To achieve maximum impact and scale, companies must collectively adopt SDG-aligned practices to meet social and governance expectations in society.”

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Executive secretary and chief executive officer of the Financial Reporting Council of Nigeria, Dr. Rabiu Olowo stated, “in aligning corporate governance with the tenets of sustainability, we lay the foundation for economic prosperity and resilience. The role of the Financial Reporting Council is pivotal, not just as a regulatory body but as a catalyst for instilling utmost confidence in investors and upholding the highest standards in accounting, auditing, and corporate governance.”

He added that “my commitment is to lead a transformation that ensures accountability, transparency, and adherence to ESG principles, contributing to a future where businesses thrive in harmony with societal and environmental needs—ultimately fostering sustainable economic growth for Nigeria.”

Also, partner and head of Hudson Sandler’s Sustainability Practice, Rebecca Gudgeon added, “aligning business operations with ESG principles is essential for long-term viability, resilience, and market relevance. Investors increasingly consider ESG performance as a significant factor in investment decisions, impacting funding and growth opportunities. The diverse perspectives shared by our speakers underscore the urgency and importance of integrating ESG principles into corporate strategies.”

At the panel discussion, speakers emphasised the necessity of transparent reporting, stakeholder engagement, and ethical leadership to drive sustainable growth.covered critical topics such as establishing a credible ESG profile, stakeholder expectations, organisational benefits of sustainability integration, ESG investing, and best practices in sustainability communications.

Sustainable Futures Africa is an initiative aimed at fostering discussions, sharing knowledge, and promoting collaboration for sustainable development in Africa. By bringing together thought leaders, industry experts, and stakeholders, the platform strives to shape a profitable and purposeful path for African businesses.