Nigeria Builds Sustainability Reporting Expertise with London IFRS S1 & S2 Training

Nigeria has taken a significant step in strengthening its sustainability reporting capacity as key stakeholders from the country’s Integrated Reporting Committee and financial reporting regulator participated in specialised training on the IFRS S1 and S2 Sustainability Disclosure Standards in London. Nigeria became the first African country to adopt these standards, positioning itself as a continental leader in sustainability reporting.

Organised by a UK-based consultancy, the training focused on carbon accounting, emissions measurement, and sustainability-related financial disclosures, equipping participants with practical skills to implement the IFRS framework. The Nigerian delegation also visited an innovation laboratory to engage in collaborative discussions on climate risk assessment and emissions accounting.

Sessions covered global greenhouse gas emissions, Scope 1, 2, and 3 reporting with particular emphasis on investment-related Scope 3 emissions for financial institutions and strategies to reduce organisational carbon footprints. Participants engaged in hands-on exercises using spreadsheets to calculate emissions inventories, assess material sustainability risks, estimate probabilities, and develop climate scenario models measuring short-, medium-, and long-term financial impacts.

The programme also explored how IFRS standards interact with other global disclosure frameworks, including the European Sustainability Reporting rules, the Global Reporting Initiative, and emerging nature-related financial disclosures, fostering convergence that simplifies reporting for Nigerian organisations operating in international value chains.

According to organisers, the training strengthens institutional capacity at Nigeria’s reporting bodies, supporting both voluntary and mandatory IFRS S1 and S2 adoption. Insights from the sessions are informing revisions to Nigeria’s implementation roadmap and guidance for preparers navigating the new reporting environment.

Over 2,000 professionals across sectors including banking, insurance, oil and gas, telecommunications, consumer goods, and agriculture—have already received sustainability training under Nigeria’s integrated reporting partnership. This growing cadre of experts is expected to help businesses, including MSMEs, align with global sustainability trends, enhancing access to investment, supply chain participation, and regulatory compliance across Africa.