The Financial Reporting Council of Nigeria (FRC) has been awarded the International Standards on Accounting and Reporting (ISAR) Honours by the United Nations Conference on Trade and Development (UNCTAD). Nigeria was the only African country recognized for its contributions.

The award celebrates the leadership of Dr. Rabiu Olowo and the Council’s transformative efforts in promoting sustainability reporting and corporate transparency in Nigeria.

The recognition was presented during the ISAR Honours Celebration, part of the ongoing 42nd Session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) at the Palais des Nations in Geneva, Switzerland.

Nigeria’s achievement is attributed to the FRC’s development of a credible, globally aligned sustainability reporting framework, multi-stakeholder collaboration through the Adoption Readiness Working Group (ARWG), and successful implementation of national reforms that position sustainability disclosure at the heart of the country’s corporate governance and financial reporting system.

The FRC’s Adoption Readiness Roadmap has also been recognized as a template for other countries, reinforcing Nigeria’s growing influence in global sustainability reporting. The endorsement of the National Roadmap for the Adoption of IFRS Sustainability Disclosure Standards (IFRS S1 and S2) by President Bola Ahmed Tinubu in 2024 further strengthened the country’s commitment to integrating sustainability reporting into its economic and corporate framework.

Under Dr. Olowo’s leadership, the Council has trained over 2,000 professionals and strengthened partnerships with international development agencies, including the German Agency for International Cooperation (GIZ), to promote sustainable finance and build local capacity.

Speaking after receiving the award, Dr. Olowo said:

“This honour reaffirms Nigeria’s leadership in advancing sustainability and transparency. It reflects our collective commitment to building a trusted, globally competitive reporting environment that promotes accountability, responsible investment, and sustainable growth.”

The recognition also coincides with Dr. Olowo’s recent conclusion as Chair of the 41st ISAR session, a tenure marked by significant global impact. His leadership has been instrumental in positioning Nigeria as a key player in shaping international financial and sustainability reporting standards.

The award underscores the FRC’s pivotal role in advancing transparency, responsible business conduct, and sustainable development, not only in Nigeria but across Africa.