President Tinubu Pledges Action to Reduce Gas Flaring, Embraces Sustainability Reporting Standards
President Bola Tinubu has committed to a significant reduction in gas flaring and affirmed Nigeria’s dedication to implementing global sustainability reporting standards during a meeting with the International Sustainability Standards Board Chair, Mr. Emmanuel Faber, in Abuja.
President Tinubu's assurance aligns with Nigeria’s launch of the Adoption Readiness Roadmap by the Financial Reporting Council of Nigeria, in collaboration with the ISSB. This roadmap aims to guide businesses towards comprehensive sustainability reporting standards.
The President emphasized the importance of compliance within the sustainability agenda and pledged Nigeria's continued adherence to international standards. He expressed readiness to collaborate with ISSB to enhance national resources through reformed financial management systems.
Highlighting the administration's commitment to adopting cutting-edge financial reporting models, President Tinubu underscored imminent efforts to significantly reduce gas flaring in the country. He emphasized transparency and Nigeria's representation on the global stage in a manner beneficial to humanity.
Mr. Emmanuel Faber, Chair of the ISSB, commended Nigeria's commitment to sustainability reporting, citing the country's intent expressed at COP27 in 2022 to be among the earliest adopters of rigorous new standards. He noted Nigeria's leadership in Africa and worldwide in adopting standards that unlock sustainable capital inflows and promote inclusivity in value chains.
Dr. Rabiu Olowo, Executive Secretary of the Financial Reporting Council of Nigeria, highlighted Nigeria's decision to join the global baseline for sustainability reporting as a testament to the country's commitment to enhancing transparency and business performance. He emphasized the readiness of the adoption readiness working group to pilot the roadmap and guide businesses towards successful adoption of sustainability standards.
The meeting signifies Nigeria's proactive stance towards environmental sustainability and its commitment to harnessing global best practices to drive economic development and attract investment.
As Nigeria embarks on this journey towards sustainability reporting, stakeholders anticipate positive outcomes that will not only benefit the environment but also foster economic growth and social development across the nation.
