Nigeria pledges to adopt ISSB standards

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10 Nov 2022

The Financial Reporting Council of Nigeria (FRC) has announced the intention to early adopt IFRS S1 and S2. Nigeria, a member of the Global South, is the first country to announce the decision to adopt the IFRS Sustainability Disclosure Standards.

The announcement was contained in a communication sent to the Chairman of the International Sustainability Standards Board (ISSB) and stated that FRC is working in collaboration with the Federal Ministry of Finance and other relevant regulators and professional accounting organisations, to develop a strategy to raise awareness, engage stakeholders around the standards and develop a roadmap for timely implementation in the Nigerian market.

Please click for the announcement on the FRC website and a press release on the IFRS Foundation website welcoming the decision.

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