The Financial Reporting Council of Nigeria (FRC) on Thursday received the prestigious International Standards on Accounting and Reporting (ISAR) honour from the United Nations Conference on Trade and Development (UNCTAD) Intergovernmental Working Group of Experts on Accounting and Reporting.
Interestingly, Nigeria was the only African country that was honoured by the global body.

The award was in recognition of the Dr Rabiu Olowo-led Council’s exceptional leadership, groundbreaking reforms and transformative contributions to advancing sustainability reporting and corporate transparency in Nigeria.

The award was presented to the Council during the ISAR Honours Celebration, which took place as part of the 42nd session of the ISAR, held at the Palais des Nations, Geneva, Switzerland.

Nigeria was awarded based on the FRC’s leadership in developing a credible and globally aligned sustainability reporting framework, its multi-stakeholder engagement through the Adoption Readiness Working Group (ARWG), and its successful implementation of national reforms that positioned sustainability disclosure as a central pillar of Nigeria’s corporate governance and financial reporting system, a statement said.

The award was a reflection of the impact of FRC in the sustainability reporting landscape, not only in Nigeria but globally, with the Adoption Readiness Roadmap being a template for other countries.

The endorsement of the National Roadmap for the Adoption of IFRS Sustainability Disclosure Standards (IFRS S1 and S2) by President Bola Ahmed Tinubu last year played a pivotal role in advancing Nigeria’s sustainability reporting initiatives.

This endorsement not only reinforced the country’s commitment to adopting sustainability reporting but also translated Nigeria’s pledge made at COP 27 into concrete action.

Also, it underscored the government’s strong political will to integrate sustainability and climate-related reporting into Nigeria’s economic framework, aligning with global best practices.

To facilitate the successful implementation of the actions and build local capacity, the Council trained over 2,000 professionals.Additionally, it strengthened collaborations with international development partners, including the German Agency for International Cooperation (GIZ) to promote sustainable finance and support capacity development efforts.

Speaking after receiving the award, Olowo said, “This honour reaffirms Nigeria’s leadership in advancing sustainability and transparency. It reflects our collective commitment to building a trusted, globally competitive reporting environment that promotes accountability, responsible investment, and sustainable growth.”