The Securities and Exchange Commission (SEC) has announced plans for the phased implementation of the global sustainability disclosure standards developed by the International Organisation of Securities Commissions (IOSCO).
Speaking at an investors’ roundtable on the International Sustainability Standards Board (ISSB), SEC Director General, Dr. Emomotimi Agama, said Nigeria, having contributed to the development of the standards, would continue to support the four foundational pillars of the framework.
Agama emphasized that Nigeria would not create an alternative standard but would adopt a carefully tailored approach to implementation. He outlined strategies to ensure a smooth integration, including:
- Capacity building: Engaging issuers, auditors, and preparers to understand and comply with the new requirements.
- Phased implementation: Starting with larger, listed entities before gradually expanding to other market participants.
- Assurance framework: Developing a robust verification system to ensure credible disclosures.
- Alignment with local realities: Applying the global baseline in a way that fits Nigeria’s market while maintaining comparability with international standards.
According to Agama, this approach will enable Nigeria to effectively integrate IOSCO’s sustainability standards, fostering a transparent and sustainable financial ecosystem. He noted that the ISSB framework has evolved into a definitive global benchmark for sustainability disclosure.
