An Examination of the Contingent Factors Driving Climate-Related Disclosures in Listed Firms in Nigeria

Sustainability issues have increasingly come to the fore as investors, regulators, and the wider public demand more information in the form of better and more transparent disclosures regarding how companies respond to climate change. Businesses must take climate issues seriously and publish climate-related risks and mitigation strategies transparently. While awareness about reporting climate-related matters is increasing, there remains a significant issue with the variability and consistency of disclosures among listed firms in Nigeria. Studies have reported that regulatory requirements and investor pressure are key drivers of such disclosures in other regions; it is crucial to identify similar factors in Nigeria, where disclosure remains voluntary. This study examines climate-related disclosures among listed firms in Nigeria, highlighting inconsistencies in reporting despite growing awareness. The study employed descriptive research design and sampled stakeholders’ opinions of 112 listed companies in the NGX via a structured questionnaire through stratified random sampling. Means and standard deviations were the descriptive statistics used. At the same time, multiple regression analysis was the inferential statistic employed to test the hypothesis from the lens of contingency theory. Findings reveal that sustainability goals and company reputation are primary motivators for disclosure. The study recommends stricter regulatory enforcement to enhance transparency, investor trust, and long-term sustainability.