The ISSB's head also said embracing this “Readiness Roadmap” will unlock sustainable capital inflows for Nigeria through foreign direct investments.
Chairman of the International Sustainability Standards Board (ISSB), Emmanuel Faber has said, during a meeting in Abuja with President Tinubu, that with Nigeria’s Adoption Of sustainability reporting standards capital inflows through foreign direct investments will be ‘unlocked’.
that this adoption will lead up to 2028 for mandatory adoption of the ‘whole’ standards.
The ISSB’s head also said embracing this “Readiness Roadmap” will unlock sustainable capital inflows for Nigeria through foreign direct investments.
He also expressed satisfaction over the willingness of the President Tinubu’s government to adopt the Readiness Roadmap, noting that Nigeria is “leading the pack in Africa and around the world”.
”I am extremely happy to be in Nigeria as the country announces its Adoption Readiness Roadmap. Nigeria is leading the pack in Africa and around the world, and these standards, which Nigeria is willingly adopting, promote inclusivity in value chains, and facilitate the decarbonization of the national economy,” the ISSB chairman, Mr Emmanuel said.
Speaking to the Board leader and his team, at the meeting in Abuja, President Tinubu assured them of Nigeria’s commitment to the sustainability reporting initiative, which he believed is aimed at improving Nigerian business models, financial information and transparency for investment and economic development.
The president affirmed that Nigeria is now “more transparent than ever before” and will follow suit with the initiative to “reduce the volume of gas flaring in the country” by following every requirement of the set standards and also establishing effective environmental ‘regulations’.
”As an administration, we are committed to adopting cutting-edge models for financial reporting and process standardisation. This applies to environmental regulation, where we are on the verge of significantly reducing the volume of gas flaring in the country,” president Tinubu said.
“We are more transparent than ever before, and we are doing everything possible to represent the continent in a way that will be beneficial to humanity as a whole.”
Also at the meeting in Abuja was the Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo who said it was Nigeria’s wisest decision to join the global sustainability reporting standard initiative.
Dr. Rabiu Olowo remarked that this promotes financial information transparency and business performance as it ensures that every business performance is transparently reported and there adopted standards that must be adhered to by all to whom they are required of.
Mr Olowo also noted that the set aside time period is limited and there are five sets of earlier adopters of the reporting standards.
”The adoption readiness working group is set to pilot our affairs and roadmap to help us succeed on this journey. We are happy to inform the President that the work of the adoption readiness roadmap is ready, and we have the roadmap for businesses to follow.
“We have five sets of early adopters, and we have a period for voluntary adoption leading up to 2028 for mandatory adoption of the standards,” Dr. Olowo said.
