Sustainable Finance is Key to Economic Growth – NGX

The Nigerian stock exchange has said to effectively transform the Nigerian economy sustainable finance is imperative.

Jude Chiemeka, the Divisional Head of Capital Markets, disclosed this while speaking at the Investor Engagement session organised by NGX and the Global Reporting Initiative themed ‘Empowering Responsible Investing – ESG Disclosure’ in Lagos on Wednesday.

Chiemeka said, “The exchange recognises the power and potential of responsible investing. Sustainable finance is not merely a buzzword but a transformative force that has the ability to shape our economy and society for the better.”

He also explained that the Exchange has embraced this vision and taken solid steps to ensure the advancement of responsible investment practices.

Emphasising the important role GRI plays in shaping the global sustainability reporting landscape, the NGX DH, 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 on Sustainable Banking, Dr Aisha Mahmood, spoke on the 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.

For his part, the Director, GRI Africa, Mr Douglas Kativu, represented by Manager, GRI Africa, Tendai Matika stressed 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.”