Industry experts have lamented the annual funding shortfall estimated at average of $2.5 trillion in public and private investments in sectors related to the Sustainable Development Goals .
They also cautioned Nigerian businesses to embrace the Environmental, Social, and Governance aspects of sustainable development in the country. Speaking at the Sustainable Futures Africa event, hosted by Hudson Sandler in collaboration with the United Nations Global Compact Nigeria in Lagos last week, Naomi Nwokolo, Executive Director, UN Global Compact Network Nigeria, stated: “Globally, there is an average annual funding shortfall of USD 2.5 trillion between public and private investments in sectors related to the Sustainable Development Goals in developing countries .
“Businesses in Africa are making huge contributions to society, but few are fully engaged in ESG issues. To achieve maximum impact and scale, companies must collectively adopt SDG-aligned practices to meet social and governance expectations in society.” Dr. Rabiu Olowo, Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria, FRCN, shared his vision at the Sustainable Futures Africa event, stating: “In aligning corporate governance with the tenets of sustainability, we lay the foundation for economic prosperity and resilience.
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