The milestone achieved through the launch of the Climate Governance Initiative (CGI) Nigeria Chapter is expected to strengthen the country’s commitment to addressing climate change, integrate climate governance into corporate decision-making and achieve net-zero emissions by 2060.

The newly launched CGI Nigerian chapter will provide the board of directors in Nigeria with the knowledge, tools and strategies needed to navigate climate-related business risks and opportunities.

Speaking at the event, Chair of the Advisory Board, CGI Nigeria, Dr Myma Belo-Osagie, said the move was to build a platform for peer learning among board members, cross-sectoral dialogue and practical as well as strategic climate competence.

She said CGI Nigeria is the Nigerian chapter of the World Economic Forum’s global network, established to equip board directors and corporate leaders with the tools to embed climate action and sustainability at the heart of governance.

Founder of CGI Nigeria, Adepeju Adebajo, said the objective was to make Nigeria a leader in climate action and to mobilise boards to accelerate the transition to net zero and build climate resilience.

At the launch, the Regional Director, Central Africa, Liberia, Nigeria and Sierra Leone of the International Finance Corporation (IFC), Dalia Kalifa, called on businesses in Nigeria to embrace climate action to ensure their sustainability.

Kalifa said the mission of sustainability was clear: to create jobs, improve lives, and help businesses compete and grow sustainably.

“In today’s global economy, no business can remain competitive without becoming climate resilient and no country can grow comfortably if climate risk is left unaddressed,” she said.

She said Nigeria, like many countries in Africa, faces climate-related risks like floods and drought, urging that climate risks are indeed business risks and that boards must act urgently.

She said CGI Nigeria is not just another initiative, but a leadership platform which she hopes will equip Nigerian directors with the mindset, knowledge, and tools to bring climate into the core of business decision-making, not as an afterthought, but as a strategic imperative.

In his goodwill message, the Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Dr Rabiu Olowo, commended the Lagos Business School for the initiative, which he said shows that the board of directors and those responsible for governance are taking climate and nature-related issues very seriously.

He said President Bola Tinubu was taking the issue of decarbonisation very seriously.

“Both the ministries of Finance and that of Trade, Industry, and Investment are working hard to put the necessary pillars in place to access climate finance,” he said.

He said that as the regulatory authority responsible for sustainability reporting in Nigeria, FRCN’s partnership with CGI is of mutual benefit, promising that his office will work very diligently with CGI to ensure that it delivers the promise.

Earlier in her speech, the Dean of the Lagos Business School, Prof. Olayinka David-West, said research shows that without decisive climate action, businesses and communities face serious risks soon.

“This initiative supports our goal of developing skilled, ethical and responsible business leaders. These leaders must address the challenges of our changing world and medium-term decisions that will benefit their organisations, the communities and the planet,” she said.