More than 50 Nigerian companies have commenced the adoption of global sustainability reporting standards ahead of the country’s 2028 mandatory implementation deadline, as the Financial Reporting Council of Nigeria says transparency has become the new currency for investment, competitiveness and access to finance.
This was as the council warned Nigerian companies that fail to embrace sustainability reporting risk losing access to international capital, export markets and strategic partnerships as investors increasingly demand transparency beyond traditional financial statements.
Speaking at the 5th Annual Nigeria Employers’ Summit organised by the Nigeria Employers’ Consultative Association in Abuja on Tuesday, the Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria, Rabiu Olowo, said the rules of business is changing globally and companies that fail to embrace sustainability reporting risk being left behind.
According to the CEO, who was represented by the Head, Sustainability Reporting Regulations Department, Rasak Abubakar, investors, lenders and customers no longer judge companies solely by their financial statements and profit figures but increasingly want to know how businesses manage risks, govern their operations, respond to environmental challenges and create long-term value.
