The Chief Executive Officer of NGX Regulation Limited (NGX RegCo), Ms. Tinuade Awe, has stressed the critical importance of Nigerian banks swiftly incorporating environmental, social, and governance (ESG) principles into their business strategies.
She underscored that, in light of Nigeria’s commitment to adopting the International Sustainability Standards Board (ISSB) standards, adherence to ESG principles could offer Nigerian banks a significant competitive advantage on the global stage.
This call to action was made during a panel session titled “ESG in the Financial Services Industry: Challenges, Opportunities, and the Next Steps,” which took place at the 16th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers in Nigeria (CIBN) in Abuja.
During her presentation, Ms. Awe highlighted the dynamic and substantial nature of ESG reporting, with numerous global standards and frameworks currently in place, resulting in complexity for both investors and companies worldwide.
Ms. Awe emphasized the increasing international consensus regarding the imperative need for standardized ESG reporting and suggested that Nigeria’s banking sector could play a pivotal role in embracing and implementing these standards.
