July 14, 2024
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Nigeria’s President Promises to Mitigate Gas Flaring

Nigeria’s President Bola Tinubu is spearheading efforts to cut down on gas flaring as part of his government’s broader commitment to environmental sustainability.

During a recent engagement in Abuja with the Chair of the International Sustainability Standards Board (ISSB), Mr. Emmanuel Faber, President Tinubu reiterated Nigeria’s dedication to adopting leading sustainability reporting standards.

These standards are aimed at attracting investment, revolutionizing business practices, and protecting the environment within Nigeria.

TotalEnergies Achieve Zero Gas Flare

The discussion aligned with the unveiling of the Financial Reporting Council of Nigeria’s Adoption Readiness Roadmap, created in partnership with the ISSB. This strategic guide is designed to steer Nigerian businesses towards embracing comprehensive sustainability reporting standards.

In a statement by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu assured that Nigeria would persist in meeting international benchmarks and was eager to work alongside the ISSB to improve the nation’s resource management through enhanced financial systems.

The President declared a firm stance on environmental regulations and transparency, aiming to substantially reduce gas flaring. He highlighted his administration’s dedication to transparency and its efforts to position Nigeria as a global example of positive impact.

ISSB Chair Mr. Emmanuel Faber praised Nigeria’s proactive steps towards sustainability reporting, referencing the country’s declaration at COP27 to be among the first to adopt the new stringent standards—a commitment now coming to fruition.

Dr. Rabiu Olowo, the Executive Secretary of the Financial Reporting Council of Nigeria, spoke on Nigeria’s leading role in sustainability reporting. He outlined the plan for adopting these standards, including a phase of voluntary compliance before a mandatory adoption deadline in 2028.

This initiative positions Nigeria as a frontrunner in promoting financial transparency and business accountability through sustainable reporting practices.

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