Over 50 Nigerian Companies Move to Adopt Global Sustainability Reporting Standards — FRC

More than 50 Nigerian companies across banking, manufacturing, oil and gas, telecoms, and even the SME sector are actively working to adopt the International Financial Reporting Standards, IFRS, Sustainability Disclosure Standards, according to the Financial Reporting Council of Nigeria, FRC.

The update was given on Tuesday, June 30, 2026, by the FRC’s Executive Secretary and Chief Executive Officer, Dr. Rabiu Olowo, at the 5th Annual Nigeria Employers’ Summit in Abuja. The summit was themed, “Leveraging Reforms and ESG for Enterprise Competitiveness and Inclusive National Growth.”

Speaking at the event, Dr. Olowo said the business community’s response to the new global standards has been positive.

“I am pleased to report that the response from the Nigerian business community has been encouraging,” he said. “As we speak, over 50 organisations across various sectors of the economy are actively progressing towards full adoption of the IFRS Sustainability Disclosure Standards.”

He listed the sectors involved as banking, financial services, manufacturing, industrial goods, consumer goods, oil and gas, telecommunications, insurance, fintech, and small and medium enterprises.

According to the FRC boss, the growing interest shows that Nigerian companies now see sustainability reporting as more than paperwork. “They recognize it as a key driver of investment, competitiveness, and long-term growth,” he noted.

To support the transition, the FRC said it has rolled out a series of capacity-building and technical support programmes.

“We have organised more than 47 training sessions, workshops and technical engagements, reaching over 4,500 participants from more than 215 organisations,” Olowo said.

The Council has also developed guidance materials, created technical engagement platforms, facilitated stakeholder discussions, and continues to provide practical support to companies preparing their reports.

The IFRS Sustainability Disclosure Standards are designed to help companies report on how environmental, social, and governance, ESG, issues affect their business, and how their business affects the environment and society. The standards aim to make non-financial information as reliable and comparable as financial information.

Dr. Olowo stressed that sustainability reporting is no longer just about meeting a regulatory requirement.

Sustainability reporting is no longer just a compliance exercise. It is a strategic tool that helps organisations improve transparency, strengthen governance, attract investment and remain competitive in the global economy,” he said.

For Nigerian companies, this shift is important because international investors, lenders, and trading partners increasingly ask for credible ESG data before committing funds or signing contracts. Companies that can show clear data on carbon emissions, labor practices, board diversity, climate risks, and supply chain impacts are more likely to access cheaper capital and new markets.

Nigeria is expected to implement the IFRS Sustainability Disclosure Standards in phases. The FRC is urging companies not to wait until the deadline.

Olowo urged businesses to begin preparations now. “Early adoption would enhance transparency, strengthen resilience, attract investment and improve the global competitiveness of Nigerian companies,” he said.

The IFRS Sustainability Disclosure Standards focus on material information, meaning issues that can reasonably be expected to affect a company’s prospects. This includes climate-related risks and opportunities, but also other sustainability factors depending on the sector.

For a bank, this might mean reporting on how it manages climate risk in its loan book. For a manufacturer, it could be energy consumption, emissions, and worker safety. For a telecoms firm, it may include data privacy, digital inclusion, and supply chain practices.

The goal is consistency. By using one global framework, a Nigerian cement company can be compared more easily with a peer in Kenya or Canada.

Notably, the FRC said interest is not limited to large corporates. SMEs are also part of the group of 50+ organisations preparing for adoption.

This matters because SMEs make up a large share of Nigeria’s economy and supply chains. As big companies require ESG data from their suppliers, smaller firms that prepare early will be better positioned to keep and win contracts.

Nigeria’s push on sustainability reporting aligns with broader efforts to improve the ease of doing business, attract foreign direct investment, and meet climate commitments.

With global capital increasingly flowing toward companies that can demonstrate responsible practices, credible reporting can help Nigerian firms stand out.

The FRC’s outreach, 47 sessions and 4,500 participants so far, suggests the regulator is trying to avoid a last-minute rush when implementation begins. By engaging over 215 organisations already, it is building a base of companies that understand the requirements.

The Council is expected to release further guidance and timelines as Nigeria moves closer to formal implementation. Companies that have not started should, according to the FRC, begin by assessing their data gaps, training finance and sustainability teams, and setting up systems to collect reliable ESG information.

For investors, regulators, and the public, the shift means more transparent information about how Nigerian businesses manage risks that were previously hard to measure.

As Dr. Olowo put it, sustainability reporting is becoming a tool for strategy, not just compliance. And with over 50 firms already on the path, Nigeria’s corporate sector appears to be taking that message seriously