Institute of Chartered Accountants of Nigeria has said Nigeria will attract more investments into the country through the establishment of the Nigeria Integrated Reporting Committee (NIRCO).
A statement said the establishment of NIRCO complemented the efforts of the Federal Government to align Gross Domestic Product growth with the Sustainable Development agenda, as envisaged by initiatives like the National Social Investment Programme.
By adopting Integrated Reporting, companies would align their financial and sustainability reporting to enhance decision making by investors and business executives.
Championed by ICAN, the statement said NIRCO would serve as an influential committee that would promote and support the adoption of Integrated Reporting in Nigeria and West Africa.
It stated that integrated Reporting had been recognised by International Federation of Accountants, the World Bank, International Monetary Fund and other multilateral agencies as the future of corporate reporting.
The statement said, “NIRCO membership is multi-sectoral and comprises representatives from the Financial Reporting Council, Securities and Exchange Commission, The Nigerian Stock Exchange, Central Bank of Nigeria, Nigeria Deposit Insurance Corporation, National Pension Commission, National Insurance Commission, Corporate Affairs Commission , KPMG, Deloitte, Ernst & Young, PricewaterhouseCoopers, Dangote Industries Limited and the Private Sector Advisory Group on SDGs.”
Speaking during the inauguration of the committee, the President, ICAN, Nnamdi Okwuadigbo said, “with this development, Nigeria has joined other visionary countries that can see the future of corporate reporting.”