The Nigerian government has announced that companies will face penalties starting in 2028 if they fail to report eco-friendly and climate impact practices, Reuters reported on Friday.
Details on the relevant penalties were not released, and the report said that small businesses would have until 2030 to comply with the new mandate.
The government announced in June 2023 that it would implement the International Financial Reporting Standards relevant to environment- and climate-related disclosures. The move makes Nigeria the first African nation to adopt the standards.
A roadmap with a four-year timeline has now been released by a working group including regulators, company representatives and capital market operators.