Floray Toolkit · Guide
When does sustainability reporting apply to you?
Nigeria is adopting IFRS S1 and S2 in phases. Choose your kind of organisation to see your date, how long you have and what to do with the time.
- Phase 1Early adoptersReports for the period ended 31 December 2023.
- Phase 2Voluntary adoptionPeriods beginning 1 January 2024, through to periods ending by 31 December 2027.
- Phase 3Mandatory for public interest entitiesPeriods beginning on or after 1 January 2028.
- Phase 4Mandatory for SMEsPeriods beginning on or after 1 January 2030.
The roadmap in plain terms
In 2024 the Financial Reporting Council of Nigeria published a roadmap for adopting the two IFRS Sustainability Disclosure Standards: IFRS S1, on sustainability-related financial information in general, and IFRS S2, on climate. Nigeria was among the first countries to commit to them.
Adoption is phased. Early adopters reported for 2023. Any organisation can report voluntarily until the end of 2027. From 1 January 2028 it is mandatory for public interest entities, and from 1 January 2030 for small and medium-sized enterprises. An amended roadmap issued in 2026 adds a phase for government organisations, with the date still to be set.
Is the deadline 2027 or 2028?
Both dates are quoted, and they describe the same thing. 2027 is the last year in which reporting is voluntary. The first mandatory reporting period starts on 1 January 2028. An organisation that wants its first mandatory report to go smoothly should treat 2027 as its dress rehearsal.
What the regulator expects before you report
The roadmap asks adopters to file readiness documents with the Council, starting three months before the first reporting date with a board resolution, a gap analysis and an implementation plan, followed by further submissions after the reporting date. Our finance advisory team prepares these with you.