NiMet, Financial Reporting Council forge alliance to advance sustainability practices in Nigeria

Officials from the Nigerian Meteorological Agency (NiMet) and the Financial Reporting Council (FRC) of Nigeria convened in Abuja on Monday, May 13, 2024, to explore collaborative avenues aimed at enhancing sustainability practices within corporate entities across Nigeria.

The meeting, which took place during a courtesy visit to Dr. Rabiu Olowo, the Executive Secretary and Chief Executive Officer of FRC, saw the Director-General and Chief Executive Officer of NiMet, Professor Charles Anosike, emphasise the growing significance of climate change in the realm of financial regulation. 

Professor Anosike recognised the pivotal role played by NiMet’s weather and climate reports as the cornerstone for fostering sustainability practices. 

He expressed optimism regarding the partnership’s potential to bolster capacity-building efforts jointly undertaken by NiMet and the FRC.

Anosike said, “Climate change is fast becoming a priority for financial regulators. The work we do at NiMet through our weather and climate reports are the foundation for sustainability practices. This partnership will enable NiMet and FRC to jointly develop capacity”. 

In response, Dr. Olowo extended a warm welcome to the NiMet delegation and highlighted the myriad opportunities for synergy between the two agencies in fulfilling their respective mandates. 

He emphasised the shared objectives of NiMet and FRC in areas such as sustainability reporting and the assessment of climate-related risks and opportunities. 

Dr. Olowo reiterated FRC’s commitment to championing sustainable practices within Nigerian organisations, aligning with NiMet’s objectives.

Olowo said, “There are opportunities for alignment between NiMet and FRC in fulfilling the core mandates of the two agencies, especially in the areas of sustainability reporting, climate risks and opportunities. 

“Although we are championing sustainability reporting, FRC is also promoting sustainable practices among Nigerian organisations.”

Directors and senior staff from both NiMet and FRC were in attendance during the courtesy visit, signaling a collective commitment to advancing sustainability practices and fostering collaboration between the two entities.