In a joint effort aimed at advancing sustainable business practices, the Nigerian Exchange Regulation Limited (NGX RegCo) and the Financial Reporting Council of Nigeria (FRCN) have unveiled a roadmap for the adoption of the Sustainability Financial Reporting Standard (SFRS) in Nigeria. This milestone initiative was formally introduced during a regulatory roundtable event held over the weekend, coinciding with the visit of Mr. Emmanuel Faber, Chair of the International Sustainability Standards Board (ISSB), and his team to the Nigerian Exchange.
During the event, Femi Shobanjo, the Chief Executive Officer of NGX RegCo, commended the ISSB for their dedication to facilitating the successful implementation of the Sustainability Financial Reporting Standard in Nigeria. He underscored the historical significance of this occasion, emphasizing that it marked a pivotal moment in Nigeria’s journey towards sustainability. Shobanjo reiterated NGX RegCo’s unwavering commitment to fostering fair and transparent markets, stressing the importance of timely information disclosure for the protection of investors.
Furthermore, Shobanjo expressed optimism regarding the collective dedication of all financial market stakeholders to uphold good Corporate Governance Practices and adhere to the regulations set forth by NGX and other relevant laws in the country. He highlighted the event’s significance in signaling progress in Nigeria’s sustainability journey, noting that it would inaugurate the roadmap for addressing the adoption of sustainability disclosure standards and discussing strategic advancements in sustainability reporting.
The unveiling of the roadmap for SFRS adoption represents a significant step forward in Nigeria’s efforts to integrate sustainability into its financial reporting framework. By embracing global standards and best practices, the country aims to enhance transparency, accountability, and environmental and social responsibility within its business community.
