The adoption of the IFRS Sustainability Disclosure Standards has gained significant traction in Nigeria, thanks to the collaborative efforts of the Impact Investors Foundation (IIF), the Global Steering Group for Impact Investment (GSG), and the Financial Reporting Council of Nigeria (FRC). Through a series of capacity-building workshops held in Lagos and Abuja, over 100 small and medium-sized enterprises (SMEs), financial professionals, and sustainability experts from both the public and private sectors were trained on the new global standards for sustainability reporting.
These workshops aimed to facilitate the development of a globally consistent framework for financial disclosures, which would provide vital information to investors and support better decision-making. The initiative, which was also supported by the Foreign, Commonwealth & Development Office (FCDO), attracted influential policymakers, industry leaders, and business executives, including CEOs of prominent Nigerian companies, key representatives of regulatory bodies, and sustainability experts.
Ibukun Awosika, Chairperson of the Nigeria National Advisory Board for Impact Investing (NABII), highlighted the significance of transparency and robust measurement frameworks in attracting more impact investments to Nigeria. She emphasized that adopting these international standards would not only enhance the country’s investment climate but also ensure that Nigeria benefits from sustainable, socially impactful investments.
The workshops were attended by several notable figures, including Etemore Glover, CEO of IIF; Sebastian Welisiejko, Chief Policy Officer at GSG; and Dr. Iheanyi Anyahara, Director of Public Sector Accounting Standards at FRC. Other key personalities included Ndidi Nnoli Edozien, board member of the International Sustainability Standards Board (ISSB), and Marilyn Obaisa-Osula, Associate Director of Sustainability at PwC.
In his remarks, Etemore Glover emphasized that improved transparency in sustainability reporting could significantly enhance foreign direct investment (FDI) inflows into Nigeria. He noted that this would lead to long-term value creation, stronger partnerships, and improved business sustainability, benefiting both local enterprises and international investors. Sebastian Welisiejko echoed this sentiment, stating that transparency is central to GSG’s mission. He asserted that accessible and inclusive impact data could break down the barriers to investment and provide better opportunities for emerging economies like Nigeria.
Dr. Iheanyi Anyahara recalled that in 2010, Nigeria’s Federal Executive Council (FEC) had endorsed the adoption of international accounting and auditing standards. He underscored that the high-quality sustainability reporting standards being advocated by the International Sustainability Standards Board (ISSB) would bring substantial benefits to Nigeria’s economic and environmental future.
The Impact Investors Foundation (IIF), which plays an instrumental role in connecting key stakeholders in the impact investing space, has been working to unlock private capital for social investment across Nigeria. Similarly, the Global Steering Group for Impact Investment (GSG), an independent global organization established in 2015, has been pivotal in advancing sustainable development goals through impact investments.
The Financial Reporting Council (FRC) of Nigeria, a statutory body under the Federal Ministry of Industry, Trade, and Investment, is responsible for overseeing accounting and financial reporting standards for public entities. The FRC plays a crucial role in the ongoing efforts to align Nigeria’s financial reporting frameworks with global best practices, ensuring transparency and accountability in the country’s financial and sustainability sectors.
In conclusion, these initiatives highlight the growing importance of sustainability disclosures and the role they play in shaping the investment landscape. With continued support and collaboration from industry leaders, Nigeria is well-positioned to benefit from the global movement toward greater financial transparency and impact-driven investments.
