Nigerian businesses urged to embrace sustainability

Nigerian businesses have been urged on the importance of prioritising sustainability in the country’s business environment.

This was part of the resolutions reached when industry leaders, experts, and stakeholders gathered at the Sustainable Futures Africa event, hosted by Hudson Sandler in collaboration with the United Nations Global Compact Nigeria, in Lagos.

Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria, Dr Rabiu Olowo, stated that the foundation for economic prosperity and resilience are laid when corporate governance aligns with the tenets of sustainability.

Represented by the council’s Director, Directorate of Accounting Standards, Public Sector, Mr Iheanyi Anyahara, added that the role of the Financial Reporting Council is pivotal, not just as a regulatory body but as a catalyst for instilling utmost confidence in investors and upholding the highest standards in accounting, auditing, and corporate governance.

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“My commitment is to lead a transformation that ensures accountability, transparency, and adherence to ESG principles, contributing to a future where businesses thrive in harmony with societal and environmental needs—ultimately fostering sustainable economic growth for Nigeria,” he said.

Executive Director, UN Global Compact Network Nigeria, Naomi Nwokolo, said, “Globally, there is an average annual funding shortfall of USD 2.5 trillion between public and private investments in sectors related to the Sustainable Development Goals (SDGs) in developing countries (UN Sustainable Development Group). Businesses in Africa are making huge contributions to society, but few are fully engaged in environmental, social, and governance (ESG) issues. To achieve maximum impact and scale, companies must collectively adopt SDG-aligned practices to meet social and governance expectations in society.”

Partner and Head of Hudson Sandler’s Sustainability Practice, Rebecca Gudgeon, stressed that aligning business operations with ESG principles is essential for long-term viability, resilience, and market relevance.