Sustainability Crisis: FRC Slams Poor Reporting Standards in Key Sectors

Sustainability Crisis: FRC Slams Poor Reporting Standards in Key Sectors

The Financial Reporting Council (FRC) has raised concerns about the slow adoption of sustainability reporting among companies in Nigeria’s industrial and consumer goods sectors..……READ MORE 

Rabiu Olowo, the executive secretary and CEO of the FRC, shared these concerns during the Industry-Specific workshop on the ‘Implementation of ISSB’s IFRS S1 and S2 for Industrial and Consumer Goods Companies’ held on Tuesday in Lagos.

“As a regulator, we are worried that none of the industrial and consumer goods companies in this sector have yet joined Nigeria’s sustainability reporting adoption roadmap,” Olowo stated. He encouraged companies to seize the opportunity during the current voluntary phase, which runs from 2024 to 2027, to properly prepare for the mandatory phase starting in 2028.

Olowo also emphasized the FRC’s proactive involvement in the global standard-setting process for sustainability reporting through the International Sustainability Standards Board (ISSB). He pointed out that Nigeria had committed to early adoption from the beginning, setting up the Adoption Readiness Working Group for Sustainability Reporting in Nigeria (ARWG) as part of this effort.