TheCable

The federal ministry of industry, trade and investment has endorsed the 2020 corporate sustainable investor report (CSIR), a research document that analyses the sustainability progress of companies in Nigeria.

The CSIR is a multi-stakeholder developed report led by CSR-in-Action, an African sustainability consulting and advocacy firm.

The report analyses sustainability activities of businesses all over Nigeria, inclusive of indigenous and multinational businesses, and is modelled after international reports on sustainable investment and governance.

The information in the CSIR is methodically grouped under six key performance indices, namely: human rights and decent labour; innovation; ethical economics; stakeholder inclusion; environmental sustainability; and sustainability management.

Reacting to the report, Niyi Adebayo, minister of industry, trade and investment, said the CSIR encourages sustainable and ethical business practices.

“I strongly believe that sound public policy on trade and investment in Nigeria will provide the foundation for the establishment of key economic and industrial projects that will lead to substantive transformation,” he said.

“I deeply appreciate the development of this Corporate Sustainable Investment Report which encourages sustainable and ethical business practices. I am certain that it will contribute significantly to enhancing the investment ecosystem and encouraging businesses to adopt the right practices that will empower Nigerians.”

The first edition of the CSIR was launched at the 17th Nigerian Economic Summit (NESG) in 2012.

Bekeme Masade-Olowola, chief executive of CSR-in-Action, said in the wake of major human rights abuses in recent decades, there has been an increased interest in acknowledging human rights.

Masade-Olowola said the report which is currently in its fourth edition prioritises human rights concerns.

He said the 2020 CSIR has been independently developed using a diverse team of stakeholders, tailored to suit the local milieu and its challenges.

“Now on its 4th edition, the CSIR continues to get bigger and better every year, addressing hitherto obscure discourses such as human rights,” he said.

“Besides being a tool of reference for government, regulators and investors concerned with sustainable business practices in Nigeria, the CSIR also provides a viable and equitable platform for corporate organisations in Nigeria to project themselves as sustainable corporate brands.”

To be included in the CSIR, corporate organisations need to meet two out of the four prerequisites which include possession of a standard, annual and publicly available CSR/ sustainability report; listing on the Nigerian Stocks Exchange (NSE); annual revenue of N500 million; and business existence for four years.