NGX, GRI, NGX RegCo foster Nigeria’s ESG goals, build capital market capacities

Nigerian Exchange Limited (“NGX” or “The Exchange”) through its X-Academy, collaborated with NGX Regulation Limited (NGX RegCo) and Global Reporting Initiative (GRI), on a capacity building session in sustainability reporting and Environmental, Social and Governance (ESG) disclosures for listed corporates.

The training, which took place on Thursday, 17 November 2022, was designed by the Exchange to build the capacities of stakeholders in the capital market on the business case for sustainability integration, reporting and ESG disclosures based on updates made to the NGX Sustainability Disclosure Guidelines and the revised GRI Sustainability Reporting Standards and global trends.

It explored the values of sustainability integration to listed companies, investors, and other stakeholders; barriers to integration; the role of business and sustainability reporting in enabling development; regulatory requirements; and the principles/concepts of sustainability reporting.

Speaking at the event, the Chief Executive Officer of NGX RegCo, Ms Tinuade Awe ably represented by the Head, Listings Regulation, NGX RegCo, Godstime Iwenekhai, emphasized the importance of sustainability reporting following the NGX Sustainability Reporting Guidelines and complying with ESG standards. “From the business perspective, companies are increasingly becoming aware of the benefits associated with incorporating ESG frameworks into business operations including strengthening corporate reputation, mitigating operational risks, attracting sustainable investors, and generating long-term value.

“Already, we have the companies listed on the Premium Board of NGX amongst others who have shown commitment to consistent sustainability reporting and ESG compliance. At NGX Regulation, we continue to encourage listed companies to follow best practices and guidelines across every facet of their operations in our bid to further drive compliance and proper governance in the Nigerian capital market.”

The Director, GRI Africa, Mr. Douglas Kativu noted that the GRI Standards were designed to help companies better communicate their sustainability initiatives and activities. He enlightened stakeholders on driving sustainable business growth whilst ensuring every aspect of their supply and value chains align with the Sustainable Development Goals and their reporting in accordance with the GRI standards and the NGX Sustainability Disclosure Guidelines.

NGX remains dedicated to developing the climate resilience of the capital market, enhancing sustainable formation of capital and deepening its approach to driving sustainable and inclusive growth in Africa.