The Institute of Chartered Accountants of Nigeria, ICAN has recommended that there is a need for the adoption of sustainability practices as a tool to achieving economic growth and development.
In a communiqué at the end of its 52nd Annual Accountants’ Conference in Abuja, the Institute stated: “In terms of economic growth and development, the adoption of sustainability practices is the current direction of travel, as it determines the flow of new and mobile factors of production.
“Considering her significantly youthful population and access to abundant natural resources, Nigeria is well positioned to attract this new investment that is needed for the next wave of economic prosperity. Therefore, to build a prosperous nation, all enterprises in Nigeria, including the public sector must embed sustainability practices in all their activities,” they said.
The communiqué recommended further that early adoption of the International Sustainability Reporting Standards, ISRS is instrumental to unlocking the flow of capital into Nigeria for an effective transition to a sustainability based economy.
Also, delegates at the conference supported the growing call for Public Sector Entities in Nigeria to also include sustainability activities in their reports, while considering that this inclusion was necessary given that the Sustainability Development Goals, SDGs address solutions to human challenges of poverty, financial inclusion, water, inequality, climate change, among others, being faced by developing countries.
The communiqué urged the Financial Reporting Council of Nigeria, FRCN to ensure that Nigeria is an early adopter of the ISRS by working closely with relevant stakeholders and the International Sustainability Standards Board, ISSB toward seamless and effective adoption.
