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By Chinenye Anuforo, Lagos
Industry experts present at the Sustainable Futures Africa event have called for more adoption of Environmental, Social, and Governance (ESG) practices from businesses in Nigeria to meet social and governance expectations in society.
The event organised by Hudson Sandler in partnership with UN Global Compact Nigeria brought together industry leaders, experts, and stakeholders to explore and discuss the ESG aspects of sustainable development in Nigerian businesses.
Speaking at the event, Naomi Nwokolo, Executive Director, UN Global Compact Network Nigeria, stated: “Globally, there is an average annual funding shortfall of USD 2.5 trillion between public and private investments in sectors related to the Sustainable Development Goals (SDGs) in developing countries (UN Sustainable Development Group). Businesses in Africa are making huge contributions to society, but few are fully engaged in environmental, social, and governance (ESG) issues. To achieve maximum impact and scale, companies must collectively adopt SDG-aligned practices to meet social and governance expectations in society.”
On his own part, Dr. Rabiu Olowo, Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria, shared his vision, stating, “In aligning corporate governance with the tenets of sustainability, we lay the foundation for economic prosperity and resilience. The role of the Financial Reporting Council is pivotal, not just as a regulatory body but as a catalyst for instilling utmost confidence in investors and upholding the highest standards in accounting, auditing, and corporate governance. My commitment is to lead a transformation that ensures accountability, transparency, and adherence to ESG principles, contributing to a future where businesses thrive in harmony with societal and environmental needs—ultimately fostering sustainable economic growth for Nigeria.”
Corroborating, Rebecca Gudgeon, Partner, and Head of Hudson Sandler’s Sustainability Practice added: “Aligning business operations with ESG principles is essential for long-term viability, resilience, and market relevance. Investors increasingly consider ESG performance as a significant factor in investment decisions, impacting funding and growth opportunities. The diverse perspectives shared by our speakers underscore the urgency and importance of integrating ESG principles into corporate strategies.”
The panel discussion covered critical topics such as establishing a credible ESG profile, stakeholder expectations, organisational benefits of sustainability integration, ESG investing, and best practices in sustainability communications. Speakers emphasised the necessity of transparent reporting, stakeholder engagement, and ethical leadership to drive sustainable growth.
The event concluded with a post-panel Q&A session, allowing attendees to engage directly with the expert speakers. The closing remarks highlighted the commitment of businesses to adopt sustainable practices, address stakeholder expectations, and contribute to the achievement of the UN Sustainable Development Goals.
