Business
JUST IN: FG Orders Companies to begin Sustainability Reporting 2024
Companies involved in the climate change fight have been asked to begin disclosure of financial accounts starting from January 1, 2024.
According to the Federal Government, this initiative which is in line with the International Sustainability Standards Board is to promote transparency and accountability of financial information to investors.
The Executive Secretary of the Financial Reporting Council of Nigeria, Shuaibu Ahmed, made this known on Wednesday during the inauguration of the Adoption Readiness Working Group in Abuja.
The early adoption of the policy was part of recommendations made during the COP 27 Climate Change Conference held last year in Egypt.
Ahmed noted that the latest development followed an explosion in the burden of non-financial reporting requirements on companies.
Speaking during his address, Ahmed said, “I am very delighted to welcome you all to this programme today which could not have come at a more auspicious time other than now when the primary users of general purpose financial statements (i.e. investors, lenders, creditors and other stakeholders) globally are calling for more transparent, comparable and verifiable sustainability-related financial information to help them assess an entity’s enterprise value.
“We are now in a world where reliable sustainability information is becoming as important as financial information. The focus on Financial Statements is a viable way to an integrated approach to financial information, Environmental, social and governance or Sustainability information and broader non-financial information.”
He added that with the issuance of two sustainability standards; General Requirements for Disclosure of Sustainability-related Financial Information and Climate-Related Disclosures, investors will be knowledgeable about risks and opportunities facing an entity to inform their decisions on providing resources.
Earlier in her address, the Permanent Secretary, Ministry of Trade and Investment, Evelyn Ngige, commended the forward-thinking ambition of the agency and urged to ensure adequate implementation of the policy when passed.
The perm sec represented by the Director, Policy, Planning, Research and Statistics, Alhaji Baba Gana Alkali, said, “There is a global understanding that the implementation of IFRS S1 & S2 will enhance corporate reporting and unlock capital, especially to emerging markets like Nigeria. Therefore, I implore all of you to work tirelessly to ensure that these standards are appropriately implemented.”
Business
Nigeria To Review Inflation Reporting First Time In 15 years
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.
This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.
Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.
Business
Dangote splashes N15bn on cement distributors, targets 90m tons by 2030
Dangote made this known during an event organised by the Group to celebrate its most loyal Dangote Cement customers, where CNG-powered trucks, SUVs and other items were presented to distributors across various performance categories, including regional awards, growth awards, best distributor in export sales and national awards.
Aliko Dangote, President of the Dangote Group, yesterday, rewarded his cement distributors with gifts valued at about N15 billion.
The group is targeting a cement production capacity of approximately 90 million tonnes by 2030.
Dangote made this known during an event organised by the Group to celebrate its most loyal Dangote Cement customers, where CNG-powered trucks, SUVs and other items were presented to distributors across various performance categories, including regional awards, growth awards, best distributor in export sales and national awards.
According to him, the cement expansion drive forms part of the group’s newly launched Vision 2030 strategy, which is aimed at positioning the conglomerate as a $100 billion enterprise by the end of the decade through industrial expansion and cross-border investments.
“Under this vision, we have actually signed an agreement.
But before even signing the agreement, the target that we have, our cement company, will end up being at 90 million tons by 2030 means that we are 50 per cent more than the entire production of Saudi Arabia,” Dangote said.
He said the group has also signed an agreement to expand its petroleum refinery from 650,000 barrels per day to 1.4 million barrels per day, adding that construction work would commence immediately.
Business
Nigeria, UAE scrap tariffs on over 13,000 goods
Dr Oduwole said that the tariffs removal was part of a new trade pact aimed at expanding market access for Nigerian goods, businesses, and professionals, under the Nigeria–UAE Comprehensive Economic Partnership Agreement signed in January 2026.
•Dr Jumoke Oduwole
Nigeria and the United Arab Emirates have signed an agreement to eliminate tariffs on 13,000 manufactured products.
Dr Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment disclosed this, saying that while the Federal Government has eliminated tariffs on 6,243 products imported from the UAE , they have removed tariffs on 7,315 products imported from Nigeria.
Dr Oduwole said that the tariffs removal was part of a new trade pact aimed at expanding market access for Nigerian goods, businesses, and professionals, under the Nigeria–UAE Comprehensive Economic Partnership Agreement signed in January 2026.
Under the agreement, Nigeria will immediately remove tariffs on 3,949 products, representing 63.3 per cent of the total, while phasing out tariffs on 2,294 products over five years. Nigeria excluded 123 products from tariff liberalisation.
On its part, the UAE will immediately eliminate tariffs on 2,805 products, representing 38.3 per cent of the total, remove tariffs on 1,468 products within three years, and on 3,042 products within five years.
The UAE excluded or prohibited 593 products.
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