The Director-General/CEO of the Nigerian Meteorological Agency (NiMet), Professor Charles Anosike, on Wednesday, commended the Financial Reporting Council of Nigeria (FRCN) for deepening national understanding of sustainability disclosures amid accelerating climate risks.

Prof. Anosike made this commendation while delivering a goodwill message at the 2nd Regulatory Roundtable on the Implementation of ISSB’s Sustainability Reporting Standards in Nigeria, hosted by the Financial Reporting Council of Nigeria.

FRCN is currently being piloted by its leadership under the Executive Secretary/CEO, Dr Rabiu Olowo.

He noted that ‘in this era of climate change, sustainability reporting is evolving to encompass climate risk as a core element, demanding greater transparency and accountability from companies regarding their climate-related impacts and strategies.

“Climate change poses both physical risks (e.g., extreme weather events) and transition risks (e.g., policy changes, technological shifts) that can significantly impact a company’s financial performance and long-term viability,” he said.

Anosike emphasised that one of the most fundamental hurdles for preparers was the collection and verification of reliable data.

He pledged NiMet’s readiness to collaborate with the FRC and relevant organisations to strengthen access to quality climate data and ensure climate considerations are integrated into strategic decision-making across the economy.

He said: “ISSB reporting standards provide a framework for companies to report on all relevant sustainability-related topics across the areas of governance, strategy, risk management, and metrics and targets.

“This is supported by more detailed guidance on how to report on climate-related risks and opportunities in the climate standard.

“Nigeria is recognised as one of 30 jurisdictions—representing 57% of global GDP and contributing over 50% of greenhouse gas emissions—that are adopting or planning to implement ISSB Standards.”

Also present in the meeting was Dr. Ndidi Nnoli-Edozien (ISSB Board Member), among others.