The Director General and Chief Executive Officer of the Nigerian Meteorological Agency (NiMet), Professor Charles Anosike, has emphasized the urgent need for reliable climate data to support effective sustainability reporting in Nigeria.
Prof. Anosike made this call on Wednesday, 20th August, during the 2nd Regulatory Roundtable on the Implementation of ISSB’s Sustainability Reporting Standards in Nigeria, hosted by the Financial Reporting Council (FRC) of Nigeria in Lagos.
Delivering a goodwill message, the NiMet boss commended the leadership of the FRC, under the Executive Secretary and CEO, Dr. Rabiu Olowo, for championing initiatives that deepen national understanding of sustainability disclosures in the face of accelerating climate risks.
“In this era of climate change, sustainability reporting is evolving to encompass climate risk as a core element,” Prof. Anosike stated. “This demands greater transparency and accountability from companies regarding their climate-related impacts and strategies. Climate change poses both physical risks such as extreme weather events and transition risks such as policy changes and technological shifts that can significantly affect financial performance and long-term viability.”
Highlighting the challenges facing organizations, Prof. Anosike noted that one of the most critical hurdles for companies is the collection and verification of reliable climate data. He pledged NiMet’s readiness to collaborate with the FRC and other relevant agencies to enhance access to quality climate data and integrate climate considerations into strategic decision-making across various sectors of the economy.
The ISSB Sustainability Reporting Standards provide a comprehensive framework for companies to disclose relevant sustainability information across governance, strategy, risk management, and metrics and targets. These standards also include detailed guidance on reporting climate-related risks and opportunities, enabling stakeholders to make informed decisions.
Nigeria is among 30 jurisdictions worldwide representing 57 percent of global GDP and accounting for over 50 percent of greenhouse gas emissions that have adopted or are in the process of implementing the ISSB Standards, signaling the country’s commitment to aligning with global sustainability disclosure practices.
The event was also attended by key stakeholders, including Dr. Ndidi Nnoli-Edozien, a Board Member of the ISSB, who joined discussions on the practical steps for successful adoption and implementation of the standards in Nigeria.
With NiMet’s commitment to driving access to credible climate data, stakeholders believe that improved collaboration among regulatory bodies, industries, and data providers will play a crucial role in shaping a resilient and sustainable Nigerian economy.
