Impact investors stress SME engagement for adoption of sustainability standards in Nigeria
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Impact investors in Nigeria have emphasized the importance of engaging a broader audience, particularly Small and Medium Enterprises (SMEs), to ensure the successful implementation of the country’s International Sustainability Standards Board (ISSB) standards.
This assertion was made during the Impact Transparency workshop organized by the Impact Investors Foundation (IIF) in Lagos in collaboration with the Global Steering Group for Impact Investment.
The ISSB standards aim to enhance sustainability reporting, transparency, and environmental and social outcomes. Stakeholders highlighted the need for SME involvement, noting that the impact of adopting the standards may be limited without their participation.
Dr. Iheanyi Anyahara emphasized the importance of educating SMEs on sustainability reporting and its potential impact on their businesses. The workshop also emphasized a proactive and collaborative approach, with the Financial Reporting Council (FRC) emphasizing consensus-building rather than imposing regulations.
The workshop aimed to increase feedback from emerging markets and developed economies into the ISSB standard disclosure, laying the groundwork for future mandatory adoption of sustainability standards in businesses.
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