Ambassador Shuaibu Ahmed, the Chief Executive Officer of the Financial Reporting Council (FRC) of Nigeria, has stated that the organisation is working with other worldwide organisations to ensure climate-related risks and transparency in financial reporting.
‘Stakeholder involvement on mainstreaming Nigeria’s joint action on climate related risks and disclosure,’ he stated during a virtual session.
“We at FRC plan to ensure that Nigeria effectively contributes to global single set of high sustainability reporting standards,” he said.
He noted that Nigeria had long aligned with global standards, especially in financial reporting, auditing, and corporate governance.
According to him, before the government embraced IFRS in 2012, the then Nigerian accounting standards board matched largely with international accounting standards.
Nigeria, he claimed, joined the rest of the world in signing the Sustainable Development Goals 2013 agenda, demonstrating that it was in line with global aspirations.
However, he continued, there had been no unified, proactive corporate responsibility policies or the development of a long-term coordinated approach by the Nigerian economy’s public and commercial sectors.
Presently, he said, sustainability reporting initiatives exist in silos and are even non-existence in most sectors, with businesses more concerned with immediate profitability without recourse to social environment consequences.
He said, “Therefore, a unified sustainable approach is inevitable to ensure that the current needs are met for future generations to meet their needs. This event is necessitated by developments arising from the establishment of the International.”