The Financial Institutions Training Centre has called on Nigerian businesses to pursue long-term profitability by adapting Environmental, Social and Governance principles to their unique operating contexts.
Business experts, during the FITC Sustainability and ESG Conference 2025 on Thursday in Lagos, spoke on the theme, ‘Building a Prosperous Future: Unlocking Growth Opportunities through Sustainability and ESG Innovation,’ urging businesses to strengthen corporate governance and give back to their host societies.
Chairman of the Advisory Board, FITC Sustainability Institute, Fabian Ajogwu, SAN, delivering his keynote address, described the initiative as a “call to action” for companies to embed ESG in their core business strategy.
He said, “The rest of the world has made quantum progress in integrating ESG into what they do. Companies that are ESG-thinking have greater access to cheaper sources of financing, especially in today’s world of infrastructure development.”
According to Ajogwu, a professor of corporate governance at Lagos Business School, ESG is no longer just a boardroom conversation but a practical consideration affecting operational costs.
“Simple shifts like going paperless, such as using QR codes for conference materials, save money and reduce waste,” he noted, adding that businesses can minimise carbon footprints by rethinking event locations and other logistics.
Ajogwu pointed out that Nigeria had taken commendable steps, such as becoming the first African country to issue a green bond, but stressed the need for continuous improvement.
“To stay at the forefront, we need to keep adapting,” he said. “Investors now assess your sustainability from how you manage supply chains, treat the environment, and impact your community.”
He emphasised that businesses focused on ESG not only attract cheaper capital but also build resilience for the future, stating, “Companies with names like Oil and Gas Limited are rebranding as Energy PLC to show their shift toward renewables.
“If a Nigerian company begins manufacturing solar components locally, it stands a better chance of getting cheaper financing due to its ESG impact.”
Ajogwu urged firms reluctant to embrace ESG to learn from global success stories, noting Rwanda’s use of drones in delivering healthcare services as an example.
“You don’t need to reinvent the wheel. We can copy workable systems and adapt them to our local circumstances,” he added.
One of the plenary speakers, Chief Executive Officer of NGX Regulation Limited, Femi Shobanjo, also reiterated Nigeria’s readiness for global ESG standards. He noted, “We have partnered with the Financial Reporting Council of Nigeria, the Securities and Exchange Commission, and the International Sustainability Standards Board to prepare for International Financial Reporting Standards S1 and S2 frameworks. We are ensuring adequate capacity and awareness, with a 2028 compliance deadline.”
Shobanjo disclosed that 70 per cent of the top 30 capitalised companies on the Nigerian Exchange now issue some form of sustainability reports, up from 30 per cent five years ago. “That’s a significant level of compliance, and it’s growing,” he said.
Meanwhile, FITC CEO Dr Chizor Malize said the organisation had established the FITC Sustainability and ESG Institute to lead ESG knowledge development and capacity building across the financial services sector.
Malize stated, “ESG-compliant organisations consistently outperform their peers. They become custodians of the environment and drivers of social impact and adopt governance frameworks that help institutions outlive their founders.”
She noted that ESG is now a global business imperative, adding that FITC is focused on ensuring Nigerian companies are not left behind.
The FITC CEO noted, “Our goal is to empower businesses with the knowledge and tools they need to become sustainable, resilient, and profitable,” she said. “ESG is a catalyst for prosperity, locally and globally.”
