Nigeria is the only African country selected to participate in the launch of new sustainability standards, FRS S1 and IFRS S2-FRC standards, developed by the International Sustainability Standards Board.
This was disclosed by the Executive Secretary of the Financial Reporting Council Nigeria, Shuaibu Adamu, at the three-day virtual workshop on IFRS Sustainability Disclosure Standards for companies and investors in the capital market.
The programme was organised by NGX Regulation Limited, the International Sustainability Standards Board and the Financial Reporting Council of Nigeria.
Speaking at the webinar, Adamu said, “As we are aware the International Sustainability Standards Board came into being at COP26. Since that time, they have been working to develop sustainability standards to be used across the world. So far, they have been able to develop two standards which will be launched this June and I’m happy to say that Nigeria is one of the countries selected, in fact, I think the only African country that has been selected for the launching of these standards.”
Adamu said that the webinar would help to create awareness as well as capacity building, which he said would ensure that Nigeria and Africa are not left behind.
Meanwhile, the Nigerian Exchange Limited said that the webinar will explore how the SASB Standards were developed to facilitate cost-effective industry-based disclosure that yields decision-useful information for investors.
In her comments, the Chief Executive Officer of NGX RegCO, Ms Tinuade Awe, said, “As a member of the NGX Group, our commitment towards driving sustainability and climate disclosures dates back in time and continues as we partner with organisations such as the FRC and so we are pleased to have these sessions as they are important, and we look forward to having more collaborations with the FRC as well as other organisations.”
She added that there is an adoption readiness strategy mapped out to help accountants and auditors in sustainability and climatic reporting.
An ISSB Board Member, Ndidi Nnoli-Edozien, revealed that the IFRS standards are used across 140 countries.
