Nigeria is the first African country to adopt the International Financial Reporting Standards. These standards govern how companies and businesses disclose environment-related financial information and climate-related issues. The move is meant to address concerns about greenwashing, attract more ESG-oriented investments into the country, and encourage the adoption of sustainability practices into company operations. Businesses have until 2027 to voluntarily comply with the new rules, with small businesses having until 2030 to comply. A failure to do so after this deadline will result in financial penalties.
