Stakeholders emphasized that the international community has embraced ESG, urging Nigeria not to lag behind. Lamido Yuguda, the director-general of SEC, urged all business stakeholders to wholeheartedly endorse and develop an economy that fosters sustainable business practices.
He stated that “the revised Nigerian Capital Market Masterplan strongly underlines the need to create awareness and actively deploy educational and advocacy campaigns to promote ESG-compliant products.”
He stated that this initiative holds significant importance and requires prompt execution. This is one of the key motivations for the Securities and Exchange Commission’s organization of this workshop, in partnership with our co-hosts, the Financial Centre for Sustainability (FC4S).
Yuguda noted that “it is reassuring to witness a growing number of institutional investors and funds embracing various ESG investing approaches in recognition of the potential positive impact on individuals, businesses, and society”.
He further mentioned that Nigeria possesses the chance to enact beneficial transformations by actively promoting ESG and sustainable finance within its financial markets.
He anticipated continued growth in the sustainable finance environment and in particular, within the Nigerian bond market, adding that, “this will present a significant opportunity for the Nigerian capital market to expand its product offerings, and provide more long-term financing for businesses while protecting the environment, reducing inequality, promoting security and fostering national economic prosperity.”
Jude Chiemeka, the Divisional Head of Capital Markets at the Nigerian Exchange Limited (NGX), emphasized the significance of adhering to Environmental, Social, and Governance (ESG) standards and making data widely accessible to attract investments and improve stock liquidity within the Nigerian capital market.
Chiemeka provided guidance to investors, encouraging them to focus on ESG-compliant companies that offer transparent and high-quality information. He underlined the notable connection between ESG disclosures and corporate success.
Furthermore, Chiemeka praised the Securities and Exchange Commission (SEC) for its endeavors in establishing a sustainable finance framework, particularly in relation to green bonds, saying, “Nigeria’s issuance of a green bond solidified its position as the first sovereign country in Africa to do so, and we applaud the SEC’s role in making this possible.”
Mr. Adrian Mill, the Managing Director of Environmental and Social Sustainability, emphasized that the current event highlights Nigeria’s increasing synchronization with global ESG and sustainability trends.
He encouraged Nigerian companies to incorporate measures to mitigate climate change risks into their operations, emphasizing that ESG should be an integral aspect of every company due to its worldwide significance.
Haruna Jalo-Waziri, the CEO of CSCS, articulated that Nigeria should prioritize sustainability and governance practices related to environmental sustainability. He highlighted that companies adhering to ESG principles will find it more cost-effective to secure funds.
