ESG-Compliant Firms in Nigeria Attract 57% of Capital

The Norrenberger Group's maiden Nigerian Corporate Sustainability Report (NCSR), unveiled in Abuja, indicates that firms compliant with Environmental, Social, and Governance (ESG) standards attract 57% of capital, outperforming their peers by 28-30%. Senator John Enoh, Minister of State for Industry, emphasized the report's role in bridging data gaps regarding ESG performance, which is increasingly becoming a key determinant of investment flows.

Mr. Muyiwa Ajayi, Director of the Industrial Development Department, noted that global investors prioritize sustainability credentials, enhancing Nigeria's competitiveness for long-term foreign capital. The report identifies 21 leading companies, including Dangote Group, MTN Nigeria, and Access Bank, which dominate the ESG-compliant segment of the market.

Mr. Toni Edeh, Managing Director and CEO of Norrenberger, described the report as a comprehensive assessment of Nigerian corporate sustainability. Despite the growth in ESG awareness, the report highlights uneven adoption, particularly among large firms in the financial services and telecommunications sectors, and identifies financial constraints as a barrier to scaling sustainability initiatives.