FG, CSR-in-Action Unveil Sustainability Report on Nigerian Businesses

Omolabake Fasogbon

The federal government has unveiled the 2020 Corporate Sustainable Investor Report (CSIR): Nigeria, to guide investors on opportunities in the country.

Developed by Africa’s foremost Sustainability Consulting and Advocacy outfit, CSR-in-Action, the landmark research document analyses the sustainability progress of companies operating in Nigeria and provides critical insights into the sustainability approach of Nigerian companies in line with Environmental, Social and Governance (ESG) factors.

The report is endorsed by the Federal Ministry of Industry, Trade & Investment, and supported by Global Rights and the Open Society Foundation.

The CSIR is modelled after international reports on sustainable investment and certified a valuable source of information for anybody seeking to do business in the West African region, especially Nigeria.

While unveiling the document in Abuja, Minister for Industry, Trade & Investment, Otunba Adeniyi Adebayo, affirmed that the document is a good reference point for investors, most especially now that Nigerian government seeks to ramp up inflow of Foreign Direct Investments (FDI) into the country.

He added that Nigeria generated $2.6 billion in FDI last year.

“I am optimistic that this report will be beneficial in providing key investors with additional information to make informed decisions on investment opportunities in the country.

“The report has been developed in line with leading practices, effectively documenting corporate strategies being executed by local companies in their quest for sustainability.”

Now in its 4th edition, the 2020 CSIR features and rates 210 organisations across seven sectors of the Nigerian economy.

Contributors to the report included: Executive Director, Nigerian Human Rights Commission (NHRC),Tony Ojukwu Esq; Founder/CEO, Emerging Africa Capital Group, Toyin Sanni; Chair, Mobile Software Solutions Limited, Chris Uwaje, and Group CEO, Access Bank Plc, Dr. Herbert Wigwe.

Commenting, Chief Executive of CSR-in-Action, Bekeme Masade-Olowola said,

“Our pragmatic selection process and independent approach to conducting this research enabled us to be as inclusive as possible in order to have a comprehensive collection of companies represented. Moreover, the funding provided by The Open Society Foundation through Global Rights, has enabled us to compile an integrous report without inducement from any of the parties involved.”

He added that companies who were ranked low in the report should not see it as an indictment, but as an opportunity to improve their operations in every area, particularly transparency and human rights.

The first of its kind in the country, the information in the CSIR has been methodically grouped under six key performance indices including:Human Rights and Decent Labour, Innovation, Ethical Economics, Stakeholder Inclusion, Environmental Sustainability and Sustainability Management.

“It is a tool of reference for government, regulators, the academia, media and investors concerned with sustainable business practices in Nigeria. It is also a good platform for corporate organisations in Nigeria to project themselves as sustainable corporate brands,” Masade-Olowola said.

He said the full document can be ordered online.