Executive Summary
Nigeria is intensifying its efforts to adopt global sustainability reporting rules, aiming to attract foreign investment and address its $31.5 billion annual funding gap for development goals. Key to this initiative is the adoption of the International Sustainability Standards Board (ISSB) framework, which is considered a global benchmark for ESG disclosures. The Impact Investors Foundation (IIF) and the Corporate Reporting Academy (CRA) recently organized a workshop in Lagos to promote the practical implementation of the ISSB framework. Etemore Glover, CEO of IIF, emphasized the importance of robust sustainability disclosures for attracting international investment and building market trust. Emomotimi Agama, the director-general of the Securities and Exchange Commission (SEC), has pledged a phased implementation of these standards, acknowledging the need for capacity building and data infrastructure.
- Nigeria aims to attract foreign investment by adopting global sustainability reporting rules to address a $31.5 billion development funding gap.
What Is Driving The Story?
- Need to bridge development funding gap.
- Desire to attract foreign investment.
- Global trend towards ESG standards.