• Says Nigeria positioned to strengthen competitiveness through reporting reforms
• Presents 2026 actuarial practice draft regulations to stakeholders for input
James Emejo in Abuja and Dike Onwuamaeze in Lagos
Executive Secretary/Chief Executive, Financial Reporting Council (FRC), Dr. Rabiu Olowo, yesterday said Nigerian businesses must embrace sustainability reporting as a strategic tool for attracting investment in an increasingly competitive global economy where transparency had become a major determinant of capital allocation.
Olowo said investors were no longer guided solely by profitability but were placing increasing emphasis on how organisations managed Environmental, Social and Governance (ESG) risks, created long-term value, and demonstrated resilience.
Olowo spoke on “Mandatory Sustainability Reporting: A Catalyst for Competitiveness, Access to Finance and Sustainable Growth in Nigeria”, at the 5th Annual Nigeria Employers’ Summit in Abuja.
Separately, in Lagos, Olowo presented the draft 2026 Nigerian Actuarial Practice Regulations (NAPRs) to stakeholders in actuarial practice in the country to aid their comprehensive understanding of its provisions, scope, and application before its final enactment.
NAPRs will provide a regulatory framework for all actuaries in Nigeria offering actuarial services for financial reporting purposes, in compliance with the provisions of the FRC Act, 2011 (as amended).
The FRC boss, who was represented by Head, Sustainability Reporting Regulations Department, Mr. Abubakar Rasaq, said the ESG shift was redefining the investment landscape, making credible sustainability disclosures a key factor in determining which companies attracted financing, secured strategic partnerships, and gained access to international markets.
According to him, the development presents both an opportunity and a challenge for Nigerian businesses as global investors, lenders, and development finance institutions increasingly channel resources to organisations that provide clear and reliable information on their sustainability performance.
The FRC boss stated that in an environment where access to capital remained constrained, companies with credible sustainability disclosures were more likely to enjoy investor confidence.
He described transparency as the foundation upon which investment decisions were increasingly being made.
Olowo stressed that sustainability reporting had evolved beyond a compliance requirement into a business imperative capable of improving governance, strengthening risk management, and enhancing long-term competitiveness.
He said the disclosures enabled businesses to communicate their future growth strategy more effectively, helping investors assess not only current financial performance but also their preparedness for emerging risks and opportunities.
Olowo warned that Nigerian companies that delayed preparations until sustainability reporting became mandatory could find themselves at a competitive disadvantage as reporting expectations continued to tighten across major economies.
He explained that global supply chains, multinational corporations, and financial institutions were becoming increasingly selective, with sustainability information now forming part of investment, lending and procurement decisions.
Olowo maintained that for Nigeria, widespread adoption of sustainability reporting had implications beyond individual companies.
According to him, stronger corporate transparency would improve the country’s investment climate, deepen investor confidence, enhance institutional credibility and position Nigerian enterprises to compete more effectively in global markets.
He added that businesses capable of demonstrating sound governance and responsible business practices would be better placed to attract foreign capital, expand exports, and integrate into international value chains.
Olowo urged company boards and executive management to take ownership of sustainability reporting rather than treat it as a routine compliance exercise.
He said sustainability considerations should be embedded in corporate strategy, risk management and long-term decision-making if organisations were to remain competitive.
He reiterated the council’s commitment to supporting the transition through technical guidance, stakeholder engagement, and capacity building.
Olowo stated that Nigeria’s phased implementation roadmap was designed to prepare businesses ahead of mandatory reporting for public interest entities beginning in 2028.
He disclosed that more than 50 organisations across banking, manufacturing, telecommunications, oil and gas, insurance, financial services, and other sectors were already working towards full adoption of the International Sustainability Standards Board (ISSB) Standards, while over 4,500 participants from 215 organisations had benefited from the council’s training programmes.
Olowo maintained that sustainability reporting represented a strategic opportunity to reposition Nigeria as an attractive investment destination by strengthening corporate governance, improving transparency, and reinforcing confidence in the country’s institutions.
He said, “Businesses that respond early to the changing reporting landscape would be better positioned to secure long-term capital, access new markets and withstand future economic shocks, while the broader economy would benefit from stronger capital inflows, increased job creation and more sustainable growth.
“The companies that will succeed in the future will not necessarily be the biggest companies. They will be the companies that are most trusted. Trust has become the currency that increasingly determines where global investment flows.”
Olowo added, “History shows that organisations that anticipate change are usually better positioned than those that merely react to it.
“Sustainability reporting presents Nigeria with an opportunity to strengthen competitiveness, attract investment and build more resilient institutions. We should seize that opportunity with confidence and determination.
“For Nigeria, this represents more than a reporting reform. It represents an opportunity to strengthen our investment environment, improve corporate transparency, deepen confidence in our institutions and position Nigerian businesses for greater participation in the global economy.”
Olowo said, “It is an opportunity we cannot afford to ignore.
“The companies that will succeed in the future will not necessarily be the biggest companies. They will be the companies that are most trusted. And trust is increasingly built on transparency.
“The question before us is therefore not whether sustainability reporting will shape the future of business. The question is whether we will position ourselves early enough to benefit from the opportunities it presents.
“If we get this right, Nigerian businesses will be better positioned to attract investment, access markets, strengthen resilience and compete globally.”
He also said, “If we get this right, we will strengthen our institutions, deepen investor confidence and support national development. If we get this right, we will build a more competitive, more transparent and more sustainable Nigerian economy. That, is what success looks like.”
The actuarial practice draft was presented yesterday in Lagos by Olowo, who was represented by Head, Directorate of Auditing Practices Standards, FRC, Mr. Olasunkanmi Ayinde.
Olowo said, “Most importantly, today we present for your consideration the exposure draft of the Nigerian Actuarial Practice Regulations 2026 – a landmark regulatory framework developed through extensive technical work and stakeholder collaboration.”
He said NAPRs was important because reliable financial reporting was dependent on reliable actuarial work.
He said, “Where actuarial assumptions are weak, financial reporting becomes unreliable. Where actuarial valuations lack consistency, investors lose confidence. Where professional accountability is absent, public trust diminishes.”
Olowo said the proposed NAPRs would establish minimum professional and technical standards; strengthen ethical conduct and independence; promote consistency in actuarial practice; enhance transparency and accountability; improve the quality of actuarial reports; encourage the development of Nigerian actuarial data and assumptions; support compliance with International Financial Reporting Standards (IFRSs), particularly IFRS 17 and IAS 19; and strengthen investor confidence in Nigeria’s financial reporting environment.
He said, “Ultimately, these regulations will contribute significantly to financial stability and economic resilience.
“The regulations apply to actuarial services performed for financial reporting purposes, particularly within Public Interest Entities (PIEs).
“Every actuarial valuation, opinion, report and professional engagement will therefore be subject to appropriate quality and regulatory oversight.”
Olowo said the key features of the proposed regulations were carefully designed around internationally recognised regulatory principles while reflecting Nigeria’s peculiar realities.
Among its key provisions, he said, were comprehensive regulatory coverage, adoption of international best practice, ethics, independence and professional integrity, transparency and consistency.
According to him, “The framework incorporates the international standards of actuarial practice while making carefully considered local adaptations to reflect Nigeria’s economic and regulatory environment.
“This ensures that Nigerian actuarial practice remains globally credible while locally relevant.
“The regulations reinforce the importance of independence, objectivity, confidentiality, professional competence and ethical conduct.
“Quality management systems, peer review mechanisms and professional accountability have been embedded within the framework.”
He added, “Standardised actuarial reporting requirements will significantly improve comparability, consistency and reliability across actuarial engagements.”
Olowo emphasised, “Regulation achieves its greatest value when it is developed collaboratively.
“The FRC firmly believes that effective regulation must be informed by practical experience, technical expertise and stakeholder participation.
“Today’s engagement, therefore, provides an opportunity for all interested parties to examine the Exposure Draft critically and constructively.”
Delivering a keynote speech, titled, “Overview of the Nigerian Actuarial Development Programme (NADP),” Chairman of NADP, Mr. Rotimi Okpaise, said NADP was a strategic initiative of FRC aimed at building a strong, sustainable, and globally competitive actuarial profession in Nigeria.
Okpaise, who was represented by Executive Director, Zamara Consulting Actuaries Nigeria Limited, Mr. Emeka Okoji, said the programme emerged from the establishment of Directorate of Actuarial Standards under the Financial Reporting Council of Nigeria Act 2011 (as amended), and reflected FRC’s commitment to strengthening financial reporting, risk management, and economic resilience.
According to him, the NADP “workgroup was established to provide strategic direction for the development of the actuarial profession and to create a framework for building local capacity capable of supporting Nigeria’s evolving financial sector.”
Assistant Director/Head, Directorate of Actuarial Standards, FRC, Mr. Harris Oshojah, who presented the “Programme Objectives/Overview”, said the stakeholders’ engagement session for the presentation of the draft of NAPRs 2026 was an important step in the effort to strengthen the regulation of actuarial practice in Nigeria and ensure that actuarial services provided for financial reporting purposes were properly guided and suitable the purpose.
Oshojah said the draft regulations were previously exposed to the public for comments, but now “we are grateful for the valuable observations and contributions received from stakeholders”.
He said, “Today’s session provides a further opportunity for engagement before the regulations are finalised.”
