The Adoption Readiness Working Group (ARWG) for Sustainability Reporting in Nigeria has been inaugurated by the Permanent Secretary, Federal Ministry of Industry, Trade and Investment (FMITI), Dr. Evelyn Ngige, on June 6, 2023, in Abuja.
The inauguration was held as part of the activities of a three-day international workshop put together by FRC Nigeria, in collaboration with the International Sustainability Standards Board (ISSB), the Sustainability Accounting Standards Board (SASB) and the NGX Regulation Limited.
Dr. Ngige while inaugurating the ARWG, noted the pragmatic move made by the Council, when as one of the very first countries, announced Nigeria’s intention to early adopt the Sustainability Reporting Standards, IFRS S1 & S2 at COP 27, in Egypt, November 2022. She commended the Council on its progressive and bold steps in raising Nigeria’s visibility in the comity of International Standards Setters and Regulators across the world. The Permanent Secretary affirmed that IFRS S1 & S2 would enhance corporate reporting and unlock capital formation in emerging countries like Nigeria. She charged the Council to ensure that the standards are properly implemented when they are finally released.
The Executive Secretary/CEO of the Council, Amb. Shuaibu Adamu Ahmed in his speech disclosed that Nigeria was one and indeed the only country selected in Africa, to join the rest of the world in the launching of the standards on June 26, 2023. The FRC Boss, further remarked that the international workshop would help to create awareness and capacity building that would ensure Nigeria and Africa are not left behind in the Sustainability Reporting journey.
An ISSB Board member, Dr. Ndidi Nnoli-Edozien, who was also at the event, stated that the needed trainings and capacity building would be provided to help preparers, regulators and other stakeholders in the implementation of this new corporate reporting language. The CEO of the NGX Regulation Limited, Ms. Tinuade Awe stated that the NGX have been committed towards sustainability and would continue to partner with organisations such as FRC in promoting sustainability reporting.