The Impact Investors Foundation (IIF), supported by the Global Steering Group for Impact Investment (GSG), as well as the Financial Reporting Council of Nigeria (FRC), has facilitated the implementation of the IFRS Sustainability Disclosure Standards in Nigeria through capacity building workshops organised for over 100 MSMEs, financial and sustainability professionals in both the private and public sectors in the International Sustainability Standards Board’s (ISSB) IFRS Sustainability Disclosure Standards.
The workshops were organised in Lagos, Nigeria’s commercial capital, and Abuja, the Federal Capital Territory (FCT) with a view to helping to create a global baseline of consistent financial reporting that will be useful for the investors’ decision-making. The workshops were supported by FCDO and were attended by policy makers, SMEs, chief executive officers of bluechip companies, and other personalities that matter in the nation’s business space.
Ibukun Awosika, chairperson, Nigeria National Advisory Board for Impact Investing (NABII), said in her opening remarks that transparency and measurement would position the country, not only to attract more impact investments, Nigeria will as well get the benefits of impact investments.
Other notable personalities at the events included Etemore Glover, CEO of Impact Investors Foundation (IIF); Sebastian Welisiejko, Chief Policy Officer of GSG; Dr Iheanyi Anyahara, Director/Head of the Directorate of Public Sector Accounting Standards, Financial Reporting Council of Nigeria who represented Dr Rabiu Olowo, CEO, Financial Reporting Council of Nigeria, and Fatima Umar, UNDP representative.
The attendance list also included Ndidi Nnoli Edozien, board member, International Sustainability Standards Board; Dr Chinyere Almona, CEO, Lagos Chamber of Commerce and Industry; Chukwuka Oshiokpu, Environmental, Social and Governance (ESG) executive, Sahel Capital; Marilyn Obaisa-Osula, Associate Director, and Head of Sustainability at PwC, and Edward Fagbohun, Manager for Impact and Reporting, MTN Foundation.
Emphasising the importance of the workshop, Etemore Glover said increased transparency would translate to more opportunities for foreign direct investments inflows into the country, as well as impact capital, partnerships, long-term value creation and business sustainability.
Welisiejko said transparency was at the core of GSG’s mission as it has the potential to accelerate advancement of impact-led economies.
He said: “Impact transparency will transform information available to investors and other stakeholders. If delivered inclusively, it will help to reduce information and knowledge barriers that prevent the flow of investment from reaching emerging and developing economies.”
Dr Iheanyi Anyahara recalled that in 2010, the nation’s Federal Executive Council (FEC) passed a resolution urging the adoption of the global standards on accounting and auditing-related matters, noting that the high-quality sustainability reporting standards being used by the ISSB would generate immense benefits for Nigeria.
It should be noted that the Impact Investors Foundation (IIF) engages and collaborates with key stakeholders that are active in the impact investing space, to unlock private capital for social investments in Nigeria
The Global Steering Group for Impact Investment (GSG) is an independent global steering group promoting sustainable development and advancing education in impact investment. GSG was established in 2015 as the successor to, and incorporating the work of, the Social Impact Investment Taskforce established under the UK’s presidency of the G8.
The Financial Reporting Council (FRC) of Nigeria is a federal government agency established by the Financial Reporting Council of Nigeria Act, No. 6, 2011. It is under the supervision of the Federal Ministry of Industry, Trade and Investment. The FRC is responsible for, among other things, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria; and for related matters.
