Market News

By : Gbenga Akinfenwa

Harley Reed tasks journalists on ESG issues reportage Climate events are projected to create long-term challenges for Nigeria, with the expected intensification of heating and precipitations estimated to reduce Gross Domestic Products (GDP) by eight per cent by 2100, while the projected global sea-level rise is likely to impose cost from 0.1 and 0.4 per cent of GDP yearly for the country.

This discovery was unraveled at a one-day Environmental, Social and Governance (ESG) and Sustainability Training for Editors and Journalists in Nigeria, organised by a consultancy services firm, Harley Reed Nigeria, where experts warned that Nigeria is vulnerable to extreme weather events, which pose risks to macroeconomic stability.

The firm highlighted that rising temperatures; greater frequency of extreme heat days and increasing frequency of high-intensity rainfall has resulted in frequent and significant flooding resulting in increased public spending for disaster relief and higher imports.

While urging journalists to strengthen the coverage of ESG issues, the company’s Assistant Manager, Risk and Disclosures, Agatha Afemikhe, described the media as critical to promoting compliance, transparency, and accountability across public and private institutions.

Afemikhe said Nigeria must position itself strategically or risk being sidelined in global investment decisions increasingly driven by sustainability metrics.

According to her, ESG has moved beyond Corporate Social Responsibility (CSR) into hard economic requirement, influencing everything from access to finance and investor confidence to regulatory compliance and market valuation.

“Companies that fail to align with ESG expectations risk losing access to capital, facing regulatory sanctions, and suffering reputational damage. At a country level, this translates into reduced foreign investment and slower economic growth,” she said.

According to her, rigorous reporting will help ensure that ESG commitments translate into measurable environmental protection, social responsibility and ethical governance outcomes.

“Journalists must look beyond the figures presented in reports and verify whether they reflect real compliance and accountability,” she said.

Afemikhe said sustained scrutiny will strengthen institutional responsibility and improve societal wellbeing, adding that the training was designed to stimulate national conversation on ESG and prepare the media for its oversight role ahead of the country’s planned transition to mandatory sustainability disclosures by 2028.

She said the targeted awareness for SMEs would begin before the 2030 mandatory reporting for small and medium businesses.

Afemikhe highlighted the role of Journalists in shaping the country’s ESG future, adding that accurate, data-driven reporting will influence investor perception and public trust.

“The media plays a powerful role in interpreting ESG issues. If sustainability reporting is weak or misleading, it affects how investors see the country.”

The journalists were cautioned on the rising trend of greenwashing, in which companies exaggerate sustainability claims, and greenhushing in which organizations deliberately withhold ESG information.

She noted that both practice pose significant risks to transparency and investors confidence, making media’s watchdog role even more critical.

Beyond environmental risks, the training noted that social and governance issues remain major concerns across Africa. These include widespread informal employment, corruption, child labour and gender inequality.

Data presented at the event showed that more than 85 per cent of workers in Africa operate without formal contracts or protections, while the continent loses about $148b yearly to corruption.

Case studies discussed during the session showed how ESG failures have triggered global corporate scandals and regulatory action. These included oil spills in Nigeria’s Niger Delta, labour abuse allegations in African agribusiness operations, and corruption investigations in South Africa.