•Compliance will boost investors’ confidence, says FRCN boss James Emejo in Abuja The federal government yesterday inaugurated the Adoption Readiness Working Group (ARWG) for the implementation of Sustainability Reporting Standards which
The federal government yesterday inaugurated the Adoption Readiness Working Group for the implementation of Sustainability Reporting Standards which is to be issued by the International Sustainability Standards Board .
Speaking at the inauguration of the working group, the Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Dr. Evelyn Ngige, commended the leadership of the Financial Reporting Council of Nigeria as the country takes another bold and significant initiative by setting up the ARWG to mainstream the sustainability reporting standards.
Ngige said, “Your initiatives have earned Nigeria the much-desired recognition and respect. I, therefore, urge you to ensure that Nigeria maintains this enviable position.” Ahmed, however, noted that the proposed adoption of the standards came at an auspicious time when the primary users of general-purpose financial statements including investors, lenders, creditors, and other stakeholders globally are calling for more transparent, comparable, and verifiable sustainability-related financial information to help them assess an entity’s enterprise value.
Specifically, he noted that investors, lenders, and other creditors, therefore, seek information about the significant sustainability-related risks and opportunities facing an entity to inform their decision about providing resources to the entity.
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