Why Nigerian companies must embrace ESG practices – Victoria Agbakwuru

As the world shifts towards a more environmentally conscious and socially responsible economy, experts have stressed the need for Nigerian companies to embrace Environmental, Social, Governance (ESG) practices.
Among those calling for this move is Victoria Agbakwuru, a highly respected business professional and recognised authority on corporate sustainability and ESG in Nigeria.

With years of experience in guiding businesses toward sustainable growth, Agbakwuru has been at the forefront of promoting responsible business practices that align with global standards.
Agbakwuru, a seasoned business expert, emphasised that with Nigeria’s growing economy and rapidly expanding private sector, embracing ESG is crucial for ensuring long-term sustainability and attracting foreign investment. ESG refers to a set of standards used to measure an organisation’s environmental and social impact.

According to Agbakwuru, ESG is essential for Nigeria’s sustainable development and global competitiveness.She goes on to explain that companies adopting ESG principles stand to benefit from enhanced reputations, better risk management, and increased profitability, positioning them as leaders in a global economy that increasingly values transparency and ethical conduct as seen in developed economies like the US and Europe.

Agbakwuru, also stressed the importance of a holistic approach to ESG, warning against selective adherence.
She said: “It is not enough to focus only on governance and ignore pressing issues like fair labour conditions, diversity, equity and inclusion in the workplace.”

Her stance is clear: for ESG to have a meaningful impact in Nigeria, it must be comprehensive, covering all aspects that drive social and environmental progress.
Furthermore, Agbakwuru advocated stronger collaboration between the government, the private sector, and civil society to create an enabling environment for ESG adoption.

She added that: “The Nigerian government cannot address all social issues alone. Companies must take responsibility and invest in local communities through corporate social responsibility (CSR) initiatives, particularly in areas such as education, healthcare, and infrastructure development.”
Agbakwuru also called for greater transparency, urging companies to report their ESG practices to relevant regulatory authorities.

“Proper reporting and accountability are essential for fostering trust among stakeholders and ensuring that businesses are genuinely committed to sustainability,” she emphasised
As sustainability and ESG become increasingly central to the global economy, experts like Agbakwuru remain at the helm of championing these causes in Nigeria, ensuring that the country’s businesses are not left behind in the global shift toward more responsible and inclusive growth.