{"id":315608,"date":"2024-03-21T22:05:04","date_gmt":"2024-03-21T21:05:04","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=315608"},"modified":"2024-03-21T22:05:04","modified_gmt":"2024-03-21T21:05:04","slug":"tinubu-endorses-sustainability-reporting-initiative-for-investment-promotion","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/03\/21\/tinubu-endorses-sustainability-reporting-initiative-for-investment-promotion\/","title":{"rendered":"Tinubu endorses sustainability reporting initiative for investment promotion"},"content":{"rendered":"<ul>\n<li>ISSB expressed its intent to be among the earliest adopters of rigorous new standards<\/li>\n<\/ul>\n<p>President Bola Tinubu on Thursday affirmed Nigeria\u2019s commitment to diligently implement world-leading sustainability reporting standards aimed at unlocking capital investments, transforming business models, and safeguarding the environment in the country.<\/p>\n<p>According to a statement issued by Ajuri Ngelale, Special Adviser to the President (Media &amp; Publicity), the President gave the assurance during a meeting with the International Sustainability Standards Board (ISSB) Chair, Mr. Emmanuel Faber at the Presidential Villa, Abuja.<\/p>\n<p>The statement informed Tinubu\u2019s endorsement coincided with the launch of Nigeria\u2019s Adoption Readiness Roadmap by the Financial Reporting Council of Nigeria (FRC) in collaboration with ISSB.<\/p>\n<p>It explained that the roadmap aims to guide businesses towards comprehensive sustainability reporting standards.<\/p>\n<p>Highlighting the importance of compliance within the sustainability agenda, President Tinubu pledged that Nigeria would continue to adhere to international standards and expressed readiness to collaborate with ISSB to effectively harness national resources through reformed and reinforced financial management systems.<\/p>\n<p>\u201dAs an administration, we are committed to adopting cutting-edge models for financial reporting and process standardization. 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,\u201d the president stated.<\/p>\n<p>ISSB Chair, Mr. Emmanuel Faber, while recounting Nigeria\u2019s commitment to sustainability reporting, noted that at COP 27 in Sharm el-Sheikh, Egypt, in 2022, Africa\u2019s largest economy had expressed its intent to be among the earliest adopters of rigorous new standards, which is now a reality.<\/p>\n<p>\u201dI 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,\u201d Mr. Faber said.<\/p>\n<p>Dr. Rabiu Olowo, the Executive Secretary of the Financial Reporting Council of Nigeria (FRC), explained that Nigeria\u2019s 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.<\/p>\n<p>\u201dThe 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 sets of early adopters, and we have a period for voluntary adoption leading up to 2028 for mandatory adoption of the standards,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISSB expressed its intent to be among the earliest adopters of rigorous new standards President Bola Tinubu on Thursday affirmed Nigeria\u2019s commitment to diligently implement world-leading sustainability reporting standards aimed at unlocking capital investments, transforming business models, and safeguarding the environment in the country. According to a statement issued by Ajuri Ngelale, Special Adviser to [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":314102,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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