The Executive Secretary of the Financial Reporting Council of Nigeria (FRCN), Rabiu Olowo, has expressed optimism that the adoption of sustainability financial reporting standards would unlock capital flow, improve transparency across value chains as well as engender healthy competitiveness among companies.
According to him, the financial reporting standard also leads to increased foreign direct investments (FDIs), portfolio investment, job creation and social resilience in line with the economic policies of the current administration.
He stated this at the launch of the roadmap for the adoption of the Sustainability Financial Reporting Standard in Nigeria, in collaboration with NGX Regulation Ltd (NGX RegCo).
The FRCN boss pointed out that the unveiling of the roadmap was in line with ISSB’s launch of its two inaugural sustainability standards – IFRS S1.
“This event is the third in Nigeria’s sustainability journey and signifies a remarkable one, following the unveiling of the roadmap for sustainability reporting in Nigeria. Nigeria has become a good reference point in the globe, which has a good practice to be emulated,” he said.
Olowo appreciated the Adoption Readiness Working Group (ARWG) and other stakeholders for coming together to build the framework that would help the country in its journey of sustainability and financial reporting standards.
According to him, the roadmap for the implementation of the sustainability standard reporting is in different phases – between 2024 and 2030 for big and small businesses.
Olowo assured that FRCN would provide resources and support for the seamless transition into the new financial reporting through advocacy, technical support, capacity building and training for easy preparation of financial reports to attract investors’ confidence in businesses.
