In a bid to bolster sustainability reporting in Nigeria, the Financial Reporting Council (FRC) of Nigeria has joined forces with the Nigeria Integrated Reporting Committee (NIRC) to advocate for effective implementation.
This collaboration marks a significant step towards aligning Nigeria’s corporate reporting standards with international best practices.
The establishment of the Adoption Readiness Working Group (ARWG) and the collaboration with NGX Regulations Ltd for the launch of IFRS S1 and S2 demonstrate Nigeria’s determination to lead in this endeavor.
Speaking during the signing of the memorandum of understanding (MoU), at commission office in Abuja, the executive director, FRC Dr Rabiu Olowo emphasized the importance of collaboration and advocacy in driving corporate behavioral change towards sustainability reporting.
He highlighted the council’s adherence to its statutory provisions and its dedication to achieving the objectives outlined in the Bola Ahmed Tinubu administration’s renewed hope agenda.
He said, “The partnership with NIRC signifies a strategic move towards achieving the goals of the renewed hope agenda, particularly in the areas of Digitization, Operational Excellence, Stakeholders Engagement, and Enforcement (DOSE).
“This collaboration is expected to unlock capital for the country, spur economic growth, and create employment opportunities.
“Members of the ARWG were commended for their dedication and sacrifices in positioning Nigeria as a global reference point for sustainability reporting. The call for stakeholders’ active support in driving enlightenment, advocacy, and capacity building activities underscores the collective effort needed to realize the full potential of sustainability reporting in Nigeria.
“As the journey towards effective implementation of ISSB’s sustainability standards progresses, the FRC and NIRC remain committed to fostering collaboration, sharing knowledge, and shaping a reporting landscape that reflects the needs of diverse stakeholders while strengthening the credibility of corporate reporting in Nigeria.”
He noted that the move comes ahead of the launch of the roadmap report for the adoption of the International Financial Reporting Standards (IFRS) S1 and S2, scheduled for March 22, 2024. This initiative is timely, coinciding with the visit of Mr. Emmanuel Faber, Chair of the International Sustainability Standards Board (ISSB), and his team to Nigeria as part of their African tour.
According to him, Nigeria signaled its commitment to early adopt ISSB standards at CoP 27 in Egypt in 2022. Since then, the country has been proactive in laying the groundwork for sustainability reporting.
On his part, the chairman, Nigeria Integrated Reporting Committee, Dr Innocent Okwuosa said it is truly delightful to witness another milestone in Nigeria’s journey towards implementing sustainability reporting.
“This event signifies our country’s strong commitment to adopting sustainability reporting, and it’s a testament to the dedicated efforts put forth by the Nigerian Integrated Committee.
“I would like to take this opportunity to reaffirm our commitment to ensuring that the agendas and work programs we have established are effectively realized. We will collaborate closely with the FRC to ensure the actualisation of these goals,” he said.
