In a strategic initiative to bolster transparency and sustainability within Nigeria’s pivotal economic sectors, the Financial Reporting Council of Nigeria (FRCN), in collaboration with the International Sustainability Standards Board (ISSB), recently organized a workshop.
This event focused on promoting the adoption of the IFRS S1 and S2 sustainability reporting standards across Nigeria’s oil, gas, and telecommunications industries.
Delivering the keynote address, Mr. Olufemi Shobanjo, Chief Executive Officer of NGX Regulation Limited (NGX RegCo), emphasized the importance of these standards in responding to the increasing demand for environmental and climate-related disclosures.
“The adoption of these standards is not merely a regulatory requirement but a strategic move towards building a resilient and transparent market,” Shobanjo stated.
He commended the FRCN and ISSB for their proactive efforts in equipping organizations to effectively implement these standards, noting that several companies have already begun incorporating IFRS S1 and S2 reporting templates into their 2023 financial statements.
Shobanjo also highlighted the relevance of these standards for oil and gas companies in addressing environmental impacts and managing climate-related risks.
He noted the significance of these standards for the telecommunications sector as it transitions towards more sustainable practices.
While acknowledging the challenges of implementing the IFRS S1 and S2 standards, such as data integration, Shobanjo underscored the potential benefits, including enhanced stakeholder trust, a competitive edge, and alignment with global sustainability goals. “The journey towards sustainability may be complex, but the rewards are far-reaching for both companies and the broader community,” he added.
In his address, Dr. Rabiu Olowo, Executive Secretary of the FRC, reiterated the council’s commitment to strengthening the regulatory framework that supports sustainability reporting in Nigeria. “Aligning our national standards with international best practices is essential to ensuring that Nigerian companies remain competitive on the global stage,” Dr. Olowo remarked.
Dr. Olowo encouraged industry leaders to view the adoption of IFRS S1 and S2 standards as a strategic imperative that enhances long-term value creation, rather than just a compliance requirement.
He assured stakeholders that the FRC will continue to provide support in navigating the complexities of these new standards.
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