The Securities and Exchange Commission (SEC) Nigeria has joined the Growth and Emerging Markets Committee (GEMC) Sustainability Network under the International Organization of Securities Commissions (IOSCO) to support the implementation of the International Sustainability Standards Board (ISSB) framework.
The GEMC Sustainability Network, established by IOSCO, is designed to assist growth and emerging markets in adopting and applying ISSB Standards. It provides technical support, facilitates capacity building, and promotes information sharing on sustainability disclosures.
Speaking on the development at the IOSCO Annual Meeting in Doha, Qatar, SEC Director-General Dr. Emomotimi Agama said the move marks Nigeria’s increased engagement with international sustainability frameworks. “GEMC plays a crucial role in promoting sustainable and resilient capital markets in emerging economies,” he said. “Nigeria’s membership in GEMC would be a significant step towards aligning the country’s capital markets with global sustainability standards.”
Agama noted that Nigeria’s participation in the network would enhance its access to tools such as the IFRS Foundation’s Jurisdictional Guide, Roadmap Development Tool, and other educational resources aimed at supporting regulators and market readiness.
He explained that the network also enables members to exchange experiences and approaches related to sustainability reporting. “Membership would provide Nigeria’s securities regulator with access to best practices and guidance on sustainable finance, enabling the development of a more effective regulatory framework,” he added.
Agama highlighted potential benefits of the collaboration, including improved credibility in global capital markets, capacity building for regulatory personnel, and a stronger foundation for attracting foreign investment. “GEMC’s focus on sustainability would help Nigeria’s capital markets contribute to the country’s sustainable development goals, such as reducing carbon emissions and promoting environmental protection,” he said.
Regarding Nigeria’s broader participation in IOSCO, the SEC chief described membership as an opportunity for Nigeria to contribute to global securities regulation standards. “IOSCO membership would facilitate international cooperation and information sharing, helping Nigeria’s securities regulator to stay abreast of global best practices,” he said.
He added that IOSCO’s emphasis on market integrity and transparency aligns with Nigeria’s objectives of investor protection and regulatory development. “IOSCO’s focus on market integrity would help Nigeria’s capital markets maintain high standards of transparency, fairness, and investor protection,” Agama stated.
The ISSB Standards, endorsed by IOSCO in July 2023, aim to ensure consistent and comparable sustainability-related financial disclosures across jurisdictions. IOSCO established the Sustainable Finance Task Force in 2020 to address gaps in such disclosures and later created the GEMC Network to facilitate the application of the ISSB framework in emerging markets.
The GEMC Network hosts regular meetings, both virtually and in-person, often aligned with key IOSCO events, to monitor progress and share insights. It also benefits from the engagement of IOSCO’s four Regional Committees to ensure diverse regional representation in discussions.
Through its involvement in the GEMC Network, SEC Nigeria joins other jurisdictions in a coordinated effort to enhance sustainability reporting and align domestic market practices with international standards.
