NGX Regulation Limited (NGX RegCo), the independent regulatory subsidiary of Nigerian Exchange Group Plc has expressed its support for the IFRS Foundation’s publication of the first set of Jurisdictional Profiles and Snapshots on the adoption or other use of the International Sustainability Standards Board (ISSB) Standards.
This landmark initiative by the IFRS Foundation represents a significant advancement in promoting global transparency and consistency in sustainability-related financial disclosures. The publication provides capital market participants, investors, regulators, and other key stakeholders with a comprehensive and authoritative resource on how jurisdictions around the world are progressing in integrating the ISSB Standards into their reporting and regulatory frameworks.
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As one of the earliest African jurisdictions to formally articulate its roadmap for the adoption of ISSB Standards, Nigeria’s inclusion in this inaugural publication underscores its leadership in advancing sustainable finance, corporate transparency, and global alignment in capital markets reporting. The development of Nigeria’s jurisdictional profile was facilitated through the Financial Reporting Council of Nigeria (FRCN), in close consultation with relevant regulatory and market development institutions, including NGX RegCo.
Olufemi Shobanjo, Chief Executive Officer of NGX Regulation Limited, emphasised the importance of this milestone, stating:
“NGX RegCo is pleased to support the IFRS Foundation’s publication of the first set of jurisdictional profiles and snapshots on the adoption of ISSB Standards.
These profiles represent vital resources in enhancing global transparency on jurisdictional approaches to sustainability disclosures and in fostering the production of high-quality, comparable, and decision-useful information for capital markets participants worldwide.”
“We are proud that Nigeria is featured in this inaugural set, a reflection of our proactive commitment to advancing the adoption of ISSB Standards and embedding sustainability principles within our capital market. This initiative will empower investors, companies, and regulatory authorities with greater clarity on how ISSB Standards are being integrated into different jurisdictional frameworks. NGX RegCo remains dedicated to promoting transparency, accountability, and market resilience, ensuring that sustainability-related risks and opportunities are effectively communicated to all stakeholders.”
A Global Milestone for Sustainability Disclosures
The release of these profiles marks an important milestone in the global evolution of sustainability reporting frameworks. It enhances transparency for international investors, regulators, and market participants by providing clear insights into how different jurisdictions are incorporating ISSB Standards into their regulatory or voluntary reporting environments.
Nigeria’s profile highlights the country’s strategic vision to align its corporate reporting environment with international best practices, support capacity building, and drive the adoption of robust, comparable, and investor-relevant sustainability-related disclosures. This initiative complements broader regulatory reforms in Nigeria aimed at promoting capital market resilience, responsible business conduct, and long-term value creation.
NGX RegCo’s Role in Advancing Sustainability Reporting
As a leading capital market regulator in Africa, NGX RegCo has consistently demonstrated its commitment to advancing sustainable finance initiatives. The organization plays a pivotal role in promoting ESG adoption among market participants, strengthening sustainability disclosure requirements for listed companies, and advocating for the alignment of Nigeria’s capital markets framework with global sustainability standards.
NGX RegCo continues to collaborate with the Financial Reporting Council of Nigeria, Securities and Exchange Commission (SEC Nigeria), market operators, and other key stakeholders to build awareness, provide technical capacity, and ensure the smooth adoption and application of ISSB-aligned standards in the Nigerian capital market.
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Shobanjo further stated: “The growing global demand for reliable, comparable, and investor-relevant ESG information highlights the importance of transparency and consistency in sustainability reporting. At NGX RegCo, we believe that jurisdictional profiles such as these are critical tools for enhancing investor confidence, promoting informed decision-making, and supporting market integrity.”
“We remain fully committed to collaborating with regulatory authorities, market operators, and issuers to promote the phased adoption of ISSB Standards within Nigeria’s capital market. Through continuous stakeholder engagement, capacity development initiatives, and alignment with internationally recognized reporting standards, we aim to position Nigeria’s capital market as a leader in sustainability disclosures across Africa and beyond.”
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