SPIN urges firms to make sustainability core strategy

The Sustainability Professionals Institute of Nigeria (SPIN) has called on Nigerian businesses to integrate sustainability into their core strategies rather than treating it as a peripheral reporting and compliance function. During the institute's inaugural Sustainability Conference in Lagos, President Prof. Kenneth Amaeshi emphasized the need to tailor sustainability frameworks to Nigeria's unique economic and institutional context, rather than simply adopting standards from other markets.

The conference, themed 'The Adaptive Enterprise: Sustainability Strategies for Challenging Times,' brought together various stakeholders, including business executives, policymakers, investors, financial institutions, and sustainability professionals, to discuss how companies can enhance resilience while generating long-term value amidst economic volatility, climate change, geopolitical tensions, technological disruption, and regulatory changes.

SPIN's Executive Director and Chief Investment Officer, Kolawole Owodunni, emphasized that sustainability should be central to corporate decision-making processes, including investment decisions, risk management, capital allocation, and corporate governance. Investors are increasingly focusing on climate risks, resource constraints, regulatory changes, and shifting consumer and investor expectations, which can impact operating costs, supply chains, and market access.

The discussion highlighted the need for specialized skills among sustainability practitioners, including financial, regulatory, data analysis, climate risk, and impact measurement expertise, as well as an understanding of emerging technologies like artificial intelligence.

SPIN also addressed the importance of attracting capital into sustainable projects that generate both financial and social returns, noting that Africa's financing challenges are not only about a shortage of capital but also structural barriers. SPIN plans to pursue chartered status and establish a formal licensing framework for sustainability practitioners, supported by continuing professional development programs.