Securities and Exchange Commission (SEC) has announced plans to adopt the sustainability disclosure standards developed by the International Sustainability Standards Board (ISSB) through a phased implementation strategy.
Dr. Emomotimi Agama, Director-General of the Commission, disclosed this at an investors’ roundtable on ISSB held over the weekend.
Agama said Nigeria, having actively contributed to the development of the standards under the guidance of the International Organisation of Securities Commissions (IOSCO), would continue to support the four foundational pillars of the framework.
He noted that Nigeria’s vulnerability to climate change and its commitment to sustainable finance made it imperative to embrace global sustainability disclosures.
“The adoption will not be a copy-and-paste exercise,” Agama said. “It will be tailored to reflect local realities while maintaining global comparability.”
He outlined the Commission’s approach as follows:
– Capacity building for issuers, auditors, and preparers;
– Phased implementation beginning with larger listed entities;
– Establishment of an assurance framework for verifying disclosures;
– Alignment with domestic market conditions.
Agama stated that the phased adoption would enhance investor confidence and improve the competitiveness of Nigeria’s capital market.
“Embracing this global baseline signals to international investors that we are serious about transparency, governance, and long-term risk management,” he said.
He reaffirmed SEC’s commitment to working with domestic stakeholders and international partners within IOSCO to ensure effective implementation.
“The global perspective is one of unity and decisive action. By adopting the ISSB standards, we are not just following a trend; we are building a more stable, transparent, and sustainable financial future for Nigeria, Africa, and the world,” Agama added.
