By Progress Godfrey

ABUJA – More than 50 Nigerian organisations are actively moving towards adopting the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards, the Financial Reporting Council of Nigeria (FRC) has said.

The Executive Secretary and Chief Executive Officer of the FRC, Dr Rabiu Olowo, disclosed this in Abuja on Tuesday while delivering a keynote address at the 5th Annual Nigeria Employers’ Summit, themed: Leveraging Reforms and ESG for Enterprise Competitiveness and Inclusive National Growth.

Vanguard reports that sustainability reporting is the disclosure of environmental, social and governance (ESG) information alongside financial performance to help investors and other stakeholders assess a company’s long-term resilience and value.

Nigeria’s Financial Reporting Council has adopted a phased roadmap for implementing the International Sustainability Standards Board (ISSB) standards, with mandatory reporting for Public Interest Entities set to begin in 2028.

Olowo said the growing adoption reflects increasing awareness among Nigerian businesses that sustainability reporting has become a key requirement for attracting investment, improving competitiveness and supporting long-term growth.

“I am pleased to report that the response from the Nigerian business community has been encouraging. As we speak, over 50 organisations across various sectors of the economy are actively progressing towards full adoption of IFRS Sustainability Disclosure Standards.

“These organisations cut across banking, financial services, manufacturing, industrial goods, consumer goods, oil and gas, telecommunications, insurance, fintech and even the SME sector,” he said.

According to him, the FRC has organised more than 47 training sessions, workshops and technical engagements, reaching over 4,500 participants from more than 215 organisations to support the transition.

“We have developed guidance materials, created technical engagement platforms, facilitated stakeholder discussions and continued to provide practical support to reporting entities,” he added.

Olowo said sustainability reporting is no longer just a compliance exercise but a strategic tool that helps organisations improve transparency, strengthen governance, attract investment and remain competitive in the global economy.

Olowo urged businesses to prepare early for the transition, saying sustainability reporting would help Nigerian firms attract investment, improve transparency, strengthen resilience and compete more effectively in the global economy.