NGX: Sustainable Finance Key to Transforming Nigeria’s Economy

The Nigerian Exchange Limited (NGX) has said sustainable finance can be a transformative tool used in shaping the Nigerian economy for the better.

The Divisional Head, Capital Markets, Nigerian Exchange Limited (NGX), Mr Jude Chiemeka, made this known yesterday in Lagos at the Investor Engagement session organised by NGX and the Global Reporting Initiative (GRI) themed: ‘Empowering Responsible Investing – ESG Disclosure’.

GRI partnered the Exchange on the engagement session to further educate the investor community on incorporating ESG data into decision making.

Chiemeka noted that the exchange recognised the power and potential of responsible investing while adding that it firmly believes that sustainable finance is not merely a buzzword but a transformative force that has the ability to shape the Nigerian economy and society for the better.

He further added that the NGX have wholeheartedly embraced this vision and have taken concrete steps to contribute to the advancement of responsible investment practices.

Emphasising the important role GRI plays in shaping the global sustainability reporting landscape, The NGX Divisional Head, said: “Through their work, they have paved the way for greater accountability and responsible business practices. We laud their dedication and unwavering commitment to building a more sustainable future.”

Delivering the keynote address, the Special Adviser to the Governor, Central Bank of Nigeria (CBN) on Sustainable Banking, Dr. Aisha Mahmood, spoke on CBN’s efforts in enabling sustainable banking in the country via regulatory enforcement of ESG disclosures for banks.

She also noted that CBN was reviewing the Nigerian Sustainable Banking Principles to incorporate climate risk reporting for the banking sector.

The Director, GRI Africa, Mr. Douglas Kativu, represented by the Manager, GRI Africa, Tendai Matika, stressed on why ESG information mattered to investors, advising companies to prepare their disclosures in line with the GRI standards.

Kativu said, “As a general rule, investors want to understand what the major ESG risks and opportunities facing a business are, including how the firm measures and monitors these factors among others.”

The Divisional Head, Business Support Services Division and General Counsel, NGX, Mrs Irene Robinson-Ayanwale, reiterated NGX’s commitment to fostering responsible investing and sustainable finance by driving conversations, creating innovative products, and developing strategic partnerships which can contribute to building a more sustainable and resilient economy.