FRC Spotlights Early Adopters of Global Sustainability Reporting Standards in Nigeria

The Financial Reporting Council of Nigeria (FRC) has highlighted several corporate entities that have adopted the sustainability disclosure standards issued by the International Sustainability Standards Board (ISSB), as part of efforts to deepen transparency and strengthen globally aligned reporting practices in Nigeria.

The council disclosed that, as of March 31, 2026, a number of leading organisations across key sectors of the economy have begun implementing the global sustainability disclosure framework, marking an important step toward improving corporate accountability and investor confidence in Nigeria’s capital market.

Among the early adopters identified by the council are Access Bank Plc, Fidelity Bank Plc, MTN Nigeria, and Seplat Energy Plc. These companies are said to be at the forefront of aligning their corporate reporting practices with international sustainability standards.

The FRC noted that beyond these early adopters, a growing number of organisations have voluntarily begun implementing the framework across sectors including banking, oil and gas, telecommunications, insurance, and consumer goods.

According to the council, the increasing adoption signals a rising commitment among Nigerian companies to strengthen environmental, social, and governance (ESG) disclosures and to meet the expectations of global investors and stakeholders.

The ISSB sustainability disclosure standards are designed to provide investors and the broader market with consistent, comparable and decision-useful information on sustainability-related risks and opportunities that could affect an organisation’s financial performance and long-term value.

The FRC explained that the focus going forward will be to deepen adoption of the standards across more entities, strengthen trust in Nigeria’s financial markets, and entrench a culture of high-quality sustainability reporting nationwide.

As part of the transition, the council has urged companies and reporting entities to familiarise themselves with its official implementation roadmap and sustainability reporting guidelines.

These frameworks include the “Roadmap for the Adoption of IFRS Sustainability Disclosure Standards in Nigeria (Amended 2026)” and the “Sustainability Reporting Guideline (SRG 1) in Nigeria (2026)”, both developed to support organisations in integrating sustainability disclosures into their general-purpose financial reporting.

Industry experts say the initiative aligns Nigeria with global best practices in corporate reporting and is expected to enhance transparency, improve risk management disclosures, and attract sustainable investment into the country’s economy.