The Nigerian Stock Exchange (NSE) has joined the United Nations Sustainable Stock Exchanges (SSE) Initiative in order to create sustainable value for its stakeholders.
At a bilateral meeting with UNCTAD on the sidelines of the World Federation of Exchanges conference in Mexico City, NSE CEO Oscar Onyema pledged to promote sustainability among NSE-listed companies.
“The Nigerian Stock Exchange is honoured to collaborate with the SSE initiative. We are confident that this partnership will be pivotal to our goal towards entrenching sustainable business practices,” he said.
With 258 listed securities and a current market capitalization of $114bn, the Nigerian Stock Exchange is Africa’s second-largest financial centre.
James Zhan, director of UNCTAD’s Division on Investment and Enterprise, said that Nigeria is a critically important market for promoting sustainable development practices in the region.
“We are delighted that the Nigerian Stock Exchange is joining its peers from South Africa and Egypt, as well as other leading exchanges around the world, in pledging to promote sustainable business practices,” he said.
The SSE initiative is co-organized by UNCTAD, the United Nations Global Compact, the United Nations Environment Programme’s Finance Initiative, and the UN-supported Principles for Responsible Investment.
The initiative explores how stock exchanges can work together with investors, regulators and companies to enhance corporate transparency – and ultimately performance – on environmental, social and corporate governance issues, and can encourage responsible long-term approaches to investment.
The NSE is the third African stock exchange to join the SSE, and the eighth worldwide. Other exchanges that are a part of this pioneering group include the New York Stock Exchange Euronext, NASDAQ OMX, the Bombay Stock Exchange, Borsa Istanbul, BM&FBOVESPA (Brazil), the Johannesburg Stock Exchange and the Egyptian Exchange.
Stock exchanges, regulators, and sustainability reporting experts continue their discussion of how to strengthen their approach to responsible investment this week in Geneva, when they gather at the 30th annual session of UNCTAD’s Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR).