‘ESG is the Business Language of the Future’ – FITC CEO

Business leaders, government officials, and academics gathered in Lagos in June to discuss how companies can balance profit with environmental protection and social responsibility.

The Financial Institutions Training Centre (FITC) hosted its first Sustainability ESG Conference on 26 June 2025, drawing participants from across Nigeria’s banking, finance, and technology sectors.

Dr Chizor Malize, Managing Director and Chief Executive Officer of FITC, told delegates that ESG – a framework measuring how responsibly businesses operate – isn’t just a trendy buzzword.

“ESG is not a buzzword. It is the business language of the future,” she said. The conference focused on how African companies can adopt sustainable practices whilst remaining profitable.

Representatives from Nigeria’s Central Bank and the Nigeria Deposit Insurance Corporation showed support for the sustainability movement, with officials calling for financial institutions to focus on long-term value creation rather than short-term profits.

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The conference featured companies with varying approaches to sustainability. Switch Recycling Innovations, a Nigerian company, has created over 2,800 digital wallets by helping people turn plastic waste into digital money for education and healthcare.

Other companies presented included agricultural technology firms using solar power to reduce food waste, and financial technology startups offering climate insurance to small farmers.

However, speakers acknowledged that many businesses still struggle with implementing sustainable practices due to costs and a lack of expertise.

Ivana Osagie, founder of PWR Advisory, highlighted both Africa’s potential and its challenges. She noted that whilst Africa contributes less than 4% of global emissions, it has 60% of the world’s unused farmland and significant solar energy potential.

“This is Africa’s finest hour,” she said. “The question is no longer what we lack – but how we lead.”

But speakers also acknowledged significant barriers. Many small and medium-sized businesses lack the resources to implement comprehensive sustainability programmes, whilst standardised reporting frameworks remain underdeveloped across the continent.

FITC announced plans to launch a Sustainability & ESG Institute to train African professionals in sustainable business practices.

However, questions remain about funding and implementation. The conference highlighted the need for collaboration between government regulators, private companies, universities, and civil society groups, though specific commitments were limited.