The Sustainability Professionals Institute of Nigeria (SPIN) has called on companies to integrate sustainability into their core business strategies instead of treating it mainly as a reporting or regulatory requirement.
President of SPIN, Prof. Kenneth Amaeshi, made the call at the institute’s inaugural Sustainability Conference in Lagos, where business leaders, policymakers, investors and sustainability professionals examined how organisations can remain resilient amid growing economic, environmental and regulatory pressures.
Speaking under the theme, “The Adaptive Enterprise: Sustainability Strategies for Challenging Times,” Amaeshi said sustainability frameworks should reflect Nigeria’s economic and institutional realities rather than simply reproduce standards developed for other markets.
He cautioned against adopting international sustainability practices without considering local circumstances, stressing the need for approaches that respond to Nigeria’s specific challenges and priorities.
The conference highlighted a broader shift in corporate thinking, with speakers arguing that environmental, social and governance considerations should influence investment decisions, risk management, capital allocation and corporate governance.
Executive Director and Chief Investment Officer of the Nigeria Sovereign Investment Authority, Kolawole Owodunni, who delivered the keynote address on behalf of NSIA Managing Director and Chief Executive Officer Aminu Umar-Sadiq, said businesses were facing a combination of economic uncertainty, climate change, geopolitical tensions, technological disruption and changing regulations.
He said sustainability could no longer remain a peripheral function within organisations but should form part of the decision-making process.
The commercial importance of sustainability was also emphasised, particularly for investors. Climate-related risks, resource limitations, regulatory changes and evolving consumer expectations can influence operating expenses, supply chains, market access and the long-term value of businesses.
Owodunni said sustainable finance should therefore extend beyond green bonds to include strong governance, transparency and effective management of environmental and social risks.
He also identified opportunities for investment in Africa arising from the continent’s structural challenges, particularly in areas such as energy, healthcare, infrastructure and climate resilience.
The growing importance of sustainability is also changing the skills expected of professionals in the field.
Owodunni said practitioners would increasingly need knowledge spanning finance, regulation, data analysis, climate risk and impact measurement, alongside familiarity with emerging technologies such as artificial intelligence.
During a panel discussion, Partner, ESG and Climate Change at PwC Nigeria, Marilyn Obasa-Osula, highlighted the challenge of coordinating sustainability responsibilities across different parts of an organisation.
She stressed the importance of securing support from company boards and chief financial officers if sustainability strategies are to become embedded in corporate operations.
Senior Special Assistant to the President on Climate Finance and Stakeholder Engagement, Ibrahim Shelleng, pointed to the gap between policy formulation and implementation. He also highlighted ongoing efforts involving the Ministry of Finance and the United Nations Development Programme to develop a Nigeria-specific taxonomy for green investments.
Executive Director, Risk, FirstBank Group, Biyi Olagbami, described compliance as a basic requirement rather than a competitive advantage and cautioned companies against applying international sustainability standards without adapting them to local conditions.
Chief Executive of CSR-in-Action, Dr Bekeme Masade-Olowola, said the success of sustainability programmes should ultimately be measured by their effect on capital allocation, corporate decision-making and executive accountability.
The conference also examined the changing expectations of the sustainability workforce.
Executive Director and Partner, ESG and Climate Change at EY West Africa, Eunice Sampson, said corporate executives increasingly expected sustainability professionals to demonstrate how initiatives address risk, comply with regulations and create measurable value.
Director of External Affairs and Social Performance at Seplat Energy, Chioma Afe, similarly argued that sustainability should be incorporated into risk management and broader corporate strategy instead of being treated as a cost centre.
Both speakers called for greater board involvement and encouraged businesses to move beyond isolated charitable activities towards sustainability initiatives focused on material issues and measurable results.
The role of impact investment was another major focus of the conference.
Chief Executive of Impact Investors Foundation, Etemore Glover, said impact investors were increasingly seeking projects that could demonstrate measurable environmental and social benefits while also delivering financial returns.
She argued that Africa’s financing challenge was not simply a lack of available capital but also structural obstacles preventing investment from reaching viable opportunities.
Deputy Chair of the SPIN Executive Council, Eustace Onuegbu, said ESG should provide a framework for measuring performance, while sustainability itself needed to be embedded throughout an organisation and driven by senior leadership.
SPIN also used the conference to outline plans aimed at strengthening the sustainability profession in Nigeria.
Vice President of SPIN, Dr Ini Abimbola, announced that the institute was working towards obtaining chartered status and establishing a formal licensing system for practitioners, alongside continuing professional development requirements.
She stressed that sustainability should be regarded as part of governance and business rather than an additional corporate activity.
The push comes as businesses face increasing demands from regulators, investors and other stakeholders to demonstrate that sustainability commitments result in tangible changes rather than remaining limited to annual reports and corporate communications.
For Nigerian companies, speakers noted that the challenge will be to balance international standards with domestic realities. While global frameworks remain important for comparability and access to international capital, their effectiveness may depend on how appropriately they are adapted to Nigeria’s operating environment.
The conference, supported by FirstBank, IHS Towers and Seplat Energy, therefore focused on how sustainability can influence boardroom decisions, investment priorities and risk management.
For SPIN, attention will now turn to translating the ideas discussed at its inaugural conference into stronger professional standards and measurable improvements in corporate sustainability practices across Nigeria.