The Nigerian Exchange has expressed concerns over projections on poverty escalation in the United Nations’ Sustainable Development Goals Report 2022.
The Chief Executive Officer of NGX RegCo, Ms Tinuade Awe, stated this at a forum held virtually with the theme “Climate Disclosures: Trends, Risks and Prospects”.
Awe said the projections in the UN report were worrisome, especially at a time when Nigeria is experiencing its share of challenges amid rising inflation, flooding and insecurity.
25.3 million in danger: According to her, “a recent report points to lingering food crisis as a result of recent floods which could put 25.3 million people across the 36 states and Federal Capital Territory into acute food crisis between June and August 2023 unless FG, states and the private sector take drastic steps to mitigate the destructive effects of such potential national crisis on social and economic lives. It is essential for corporates in all sectors to reassess their priorities in the wake of these dire projections.”
Need for sustainable business: She noted some positive developments like Nigeria’s strides in the ESG space, particularly regulatory actions to drive sustainability and climate action.
- “These regulatory actions show that business can no longer be conducted as usual and emphasise the need to embrace sustainable business practices and credible disclosures as mitigating measures and sustainability risks whilst positioning themselves to attract more investors and potentially unlock capital flows to the Nigerian capital market. “
Incentives to drive climate agenda: Mr Michael Ivenso, a Senior Adviser to the Director General of the National Council on Climate Change (NCCC), noted that the Federal Government has begun working on regulations, incentives and other strategies that would drive the Nigerian climate agenda including potential tax implications, setting up of carbon markets and engagements.
Snapshot of the SDGs: The Sustainable Development Goals Report 2022 provides a global overview of progress on the implementation of the 2030 Agenda for Sustainable Development, using the latest available data and estimates. It tracks the global and regional progress towards the 17 Goals with in-depth analyses of selected indicators for each Goal.
- According to the report, cascading and interlinked crises are putting the 2030 Agenda for Sustainable Development in grave danger, along with humanity’s very own survival. The Report highlights the severity and magnitude of the challenges before us.
- The confluence of crises, dominated by COVID-19, climate change, and conflicts, are creating spin-off impacts on food and nutrition, health, education, the environment, and peace and security, and affecting all the Sustainable Development Goals (SDGs).
- The Report details the reversal of years of progress in eradicating poverty and hunger, improving health and education, providing basic services, and much more. It also points out areas that need urgent action to rescue the SDGs and deliver meaningful progress for people and the planet by 2030.
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