The Financial Reporting Council (FRC) of Nigeria and the Nigeria Integrated Reporting Committee (NIRC) have taken a significant step towards ensuring effective and seamless implementation of sustainability reporting in Nigeria. The memorandum of understanding (MoU) signed on Friday, March 8, 2024, in Abuja, marks a pivotal moment in the journey towards advocating for sustainable corporate reporting practices in the country.
Dr. Rabiu Olowo, the Executive Secretary/CEO of FRC, in his welcome address expressed his excitement at the progress made, emphasizing the critical importance of this milestone in advancing sustainability reporting in Nigeria. He highlighted the upcoming launch of the IFRS S1 and S2 roadmap report, scheduled for March 22, 2024, and underscored the significance of Nigeria’s early adoption of the International Sustainability Standards Board (ISSB) standards.
Dr. Olowo reaffirmed Nigeria’s commitment to driving corporate behavioral change and promoting sustainability reporting, citing the establishment of the Adoption Readiness Working Group (ARWG) and collaborative efforts with the Nigeria Exchange Group (NGX) Regulations Ltd. He also emphasized the role of the FRC in contributing to the Bola Ahmed Tinubu administration’s renewed hope agenda, particularly through the DOSE framework – Digitization, Operational Excellence, Stakeholders Engagement, and Enforcement.
Dr. Innocent Okwuosa, Chairman of the Nigeria Integrated Reporting Committee, during his address emphasized the transformative impact of embracing sustainability reporting. He highlighted the shift from prioritizing profit-making to considering the environment, people, and the planet. Dr. Okwuosa outlined the NIRC’s commitment to supporting FRC in advocacy, capacity building, and engaging relevant stakeholders and organizations, including the ISSB, to drive the implementation of sustainability reporting in Nigeria.
The partnership between FRC and NIRC symbolizes a shared commitment to driving meaningful change in corporate reporting practices. Through collaboration and shared knowledge, both organizations aim to shape a reporting landscape that reflects the diverse needs of stakeholders and strengthens Nigeria’s corporate reporting regime.
The signing of the MoU between FRC and NIRC marks a significant milestone in the journey towards sustainable reporting in Nigeria. This partnership reflects a collective commitment to driving positive change and fostering a reporting culture that prioritizes sustainability and accountability.
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