The Federal government has revealed that over $2.6 billion was generated through Foreign Direct Investment (FDI) in Nigeria in 2020.
Speaking at the weekend while receiving a report on ethical business compliance in the country from the Corporate Sustainable Investor Report (CSIR), the Minister of Industry, Trade and Investment, Otunba Adebayo emphasized the need to keep track of business activities in Nigeria.
He commended CSIR for their contribution in capturing the sustainability of business development in Nigeria.
“We are all aware of the role that the Corporate Sustainable Investor Report (CSIR) has played since inception, being the first of its kind and the only comprehensive report on corporate sustainability in Nigeria. As a Ministry, we are very proud to collaborate with an organization of this Calibre and promote the adoption of sustainable and ethical business practices.
“Last year Nigeria generated $2.6 billion in foreign direct investment. I am optimistic that this report will be beneficial in providing key investors with additional information to make an informed decision on investment opportunities in the country.
“The report has been developed in line with leading practices, effectively documenting corporate strategies being executed by local companies in their quest for sustainability.
“It covers more than 90 companies operating in various sectors of the economy while providing readers with comprehensive data on private companies, human rights, stakeholders inclusion, innovation and environmental sustainability practices,” the Minister stated.
The chief Executive of CSIR in Action, Bekeme Masade-Olawola explained that “there are six assessment indices in this report. The focus areas are Human Rights and Decent labour, Stakeholder inclusion, Innovation, Environmental sustainability, Ethical Economies and Sustainability Management.
“Companies were shared a linked with questions covering background related to the Assessment indices, each questionnaire had 36 indicators and 256 questions.”
She stated that for each area, “there are three categories in which each company is scored. The first is relevance to the sector, the second is commitment and the third is Action.
“The data in this report is primarily from 2019 and 2020 was either provided upon request or publicly sourced, with some background information from previous years included,” Olawola said.
The CSIR is a 9-year-old multi-stakeholder developed report, led by the CSIR in Action advocacy technical team – that researches and discloses the sustainability activities of companies in Nigeria.
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