President Bola Tinubu has stated that his government is committed to reducing gas flaring by significant amounts.
He also confirmed Nigeria’s dedication to implementing top sustainability reporting standards aimed at unlocking capital investments, changing business models, and protecting the environment in the country.
The President gave the assurance during a meeting on Thursday in Abuja with the International Sustainability Standards Board Chair, Mr Emmanuel Faber.
His approval coincides with the launch of Nigeria’s Adoption Readiness Roadmap by the Financial Reporting Council of Nigeria in collaboration with ISSB. The roadmap aims to guide businesses towards comprehensive sustainability reporting standards.
The President's Special Adviser on Media and Publicity, Ajuri Ngelale, revealed this in a statement he issued Thursday titled, ‘President Tinubu backs sustainability reporting initiative for investment promotion and economic development.’
Emphasizing the importance of compliance within the sustainability agenda, President Tinubu promised that Nigeria would continue to follow international standards and expressed willingness to work with ISSB to effectively utilize national resources through improved financial management systems.
He said, “As an administration, we are committed to adopting cutting-edge models for financial reporting and process standardisation.
“This applies to environmental regulation, where we are on the verge of significantly reducing the volume of gas flaring in the country.
“We are more transparent than ever before, and we are doing everything possible to represent the continent in a way that will be beneficial to humanity as a whole,” the President stated.
Meanwhile, the ISSB Chair, Mr Emmanuel Faber, while recalling Nigeria’s commitment to sustainability reporting, noted that at COP27 in Sharm el-Sheikh, Egypt, in 2022, Africa’s largest economy had expressed its intent to be among the earliest adopters of rigorous new standards, which is now a reality.
“I am extremely happy to be in Nigeria as the country announces its Adoption Readiness Roadmap.
“Nigeria is leading the pack in Africa and around the world, and these standards, which Nigeria is willingly adopting, will unlock sustainable capital inflows through foreign direct investments, promote inclusivity in value chains, and facilitate the decarbonization of the national economy,” Mr Faber said.
Meanwhile, the Executive Secretary of the Financial Reporting Council of Nigeria, Dr. Rabiu Olowo, explained that Nigeria’s decision to join the global baseline for sustainability reporting marks the country as one of the earliest proponents committed to enhancing the transparency of financial information and business performance through sustainable reporting practices.
“The adoption readiness working group is set to pilot our affairs and roadmap to help us succeed on this journey.
“We are happy to inform the President that the work of the adoption readiness roadmap is ready, and we have the roadmap for businesses to follow.
“We have five groups of people who started using it early, and we have a time for people to choose to use it before it becomes required in 2028,” Olowo said.
