The Financial Reporting Council of Nigeria (FRC) announced that upwards of 50 businesses are currently implementing the International Financial Reporting Standards (IFRS) for sustainability disclosures. Dr. Rabiu Olowo, the FRC’s Executive Secretary and CEO, shared this update during the 5th Annual Nigeria Employers’ Summit held in Abuja.
These participating firms span a diverse range of industries, including telecommunications, manufacturing, oil and gas, banking, insurance, and the SME sector. Dr. Olowo noted that this shift reflects a broader understanding among Nigerian companies that sustainability reporting is vital for attracting investment and securing long-term growth.
To support this transition, the FRC has conducted 47 workshops and technical seminars, training over 4,500 professionals from more than 215 different organizations. Beyond providing educational resources, the Council has established platforms for stakeholder dialogue and direct technical assistance.
Dr. Olowo emphasized that sustainability reporting has moved past simple regulatory requirements. He described it as a strategic asset for enhancing corporate governance and transparency. He encouraged more firms to start their preparations now, suggesting that early alignment with these global standards will boost the international competitiveness and resilience of Nigerian enterprises.
