In line with the Sustainability Financial Reporting Standards in Nigeria, the Financial Reporting Council of Nigeria has disclosed a detailed plan to adopt the procedures into its system, to foster financial credibility and transparency.
Nigeria became the first country in Africa to adopt a roadmap for the adoption of its standards, it was revealed at the Nigerian Exchange Limited headquarters held in Lagos.
Mr. Rabiu Olowo, the Chief Executive Officer of FRCN, said this was the third step Nigeria was taking to further the adoption of the new standards.
He said, “The roadmap is a tool of mainstreaming the implementation of sustainability reporting in Nigeria in phases in the areas of reporting and assurance with timelines. What is significant about this is that Nigeria has raised its hand in the world as a first adopter of sustainability standards in Africa and should be recognised as the first among countries in the global south to unlock investible finance in terms of foreign direct investment to enhance economic growth.
“In conclusion, let me reiterate that, having gone this far, the Financial Reporting Council of Nigeria will not tolerate greenwashing in reporting sustainability by entities and will leverage the efforts of ARWG members’ expertise to deliver top-notch regulatory supervision in the interests of the country.”
The roadmap adoption reporting standard was launched at a session with Mr Emmanuel Faber, the Chairman of ISSB/IFRS Foundation, organised by FRCN and NGX RegCo in Lagos.
From the news gathered, Faber praised the FRCN, NGX RegCo and other team members for their hard work that led to the adoption of the roadmap for the Sustainability Financial Reporting Standard in Nigeria.
Faber noted that financial reporting must encompass sustainability standards that address climate change and transition risks, which are inevitable for businesses and nations.
He said that Sustainability standards cover national assets, human capital and other aspects of resilience in macroeconomic and microeconomic business models, which accounting doesn’t cover.
“accounting is envisaged, the naira will not be sitting where it is, because investors, credit rating, banks and many financial operators would look through the current challenges to understand the incredible richness of Nigeria’s human and natural capital and resources,” he said.
He vowed that the ISSB would fully support Nigeria in the implementation of the sustainability standard roadmap to build a business model for greater resilience and economic stability.
