FRCN urges immediate action on sustainable financing

The Financial Reporting Council of Nigeria (FRCN) has emphasised the need for Nigeria to realign its financial strategies with sustainability principles to meet the Sustainable Development Goals (SDGs) by 2030.

The FRCN expressed doubts about achieving the SDGs target, pointing out that most jurisdictions are far behind and are likely to miss the targets, repeating the same experience that characterised the Millennium Development Goals (MDGs).

The Executive Secretary/Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN), Dr. Rabiu Olowo, stated this at the Lagos Sustainability Summit organised by the Lagos State Office of Sustainable Development Goals (SDGs), Lagos State Safety Commission and Lagos State Environmental Protection Agency held in Lagos.

Olowo outlined five thematic levers that can guide Nigeria, and particularly Lagos State, in achieving the global objectives by 2030, stressing the importance of better prioritisation of resource allocation as the cornerstone of this alignment.

He underscored the role of budgeting in ensuring that state resources are funnelled towards projects that directly contribute to sustainable development.

Olowo stressed that budgets should prioritise investments that advance the SDGs, noting that it is not enough to plan as performance must be measured by the outcomes.

He also highlighted the significant gap in global climate financing available to Africa, with Nigeria receiving a meagre portion.

To combat this, he advocated for sustainable financing through tools like green and blue bonds, which are increasingly attractive to international investors.

“These bonds are oversubscribed in many global markets, and Nigeria must create the conditions to tap into this growing pool of finance,” he explained.

Addressing economic empowerment, Olowo pointed out that sustainable development is impossible without tackling inequality in the society, particularly those affecting women, youth, and marginalized groups.

He noted that access to finance and entrepreneurial opportunities is essential in empowering these communities, enabling them to contribute meaningfully to the economy.

Olowo praised Nigeria’s adoption of the International Sustainability Standards Board (ISSB) standards, calling it a “step in the right direction” for tracking climate risks and opportunities.

Olowo affirmed that FRCN remains committed to promoting and enforcing sustainability practices across the financial sector.

“This task is not just about regulatory compliance; it is about driving real change toward a future of economic growth, social equity, and environmental stewardship,” he concluded.

Olowo stated that with the clock ticking on the 2030 deadline, it is a call to action that highlights the urgency of integrating sustainable practices across financial strategies to meet Nigeria’s development goals.