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From Idu Jude, Abuja
In continuation of its campaign for economic sustainability, the Financial Reporting Council of Nigeria (FRC), in partnership with the New Era for Sustainable Leadership and Accountability Initiative (NESLAI), has taken its enlightenment efforts to Rivers State.
It is emphasising the need for economic sustainability through proper financial record-keeping for business growth and credibility in Nigeria.
The organisers said the collaboration was intended to encourage small and medium-sized enterprises (SMEs), business owners and cooperative societies to embrace proper financial record-keeping as a critical tool for business growth and credibility, access to finance and long-term sustainability.
The campaign, themed “Benefits for Business Enterprises, Cooperatives and the National Economy,” brought together entrepreneurs, business leaders, cooperative societies, trade associations and other stakeholders across Rivers State to deepen awareness of the importance of financial reporting in building sustainable businesses and strengthening the national economy.
Speaking at the event, the Executive Secretary of the FRC, Dr Rabiu Olowo, noted that the council had continued to expand the reach of its SME Financial Reporting Awareness Campaign across the country, having taken the initiative to Kano State, Anambra State, Borno State and now Rivers State.
He explained that the campaign’s geographical expansion reflected the council’s commitment to ensuring that SMEs and cooperative societies across Nigeria understood the importance of credible financial reporting and its practical benefits to business development.
According to him, the campaign aims to bridge knowledge gaps, promote transparency and accountability, and equip business owners with the understanding needed to adopt appropriate financial reporting practices.
Representing the Executive Secretary at the event was the Director, Directorate of Accounting Standards, FRC Nigeria, Mr Kabiru Musa Jemaku.
Speaking on behalf of the Executive Secretary, Jemaku emphasised that financial reporting should not be viewed merely as a statutory or regulatory requirement but as an essential business development tool capable of strengthening enterprises and positioning them for sustainable growth.
He explained that credible financial statements enabled businesses to demonstrate their financial performance and improve their engagement with banks, investors, development finance institutions, government agencies and other potential sources of funding.
He further noted that proper financial records enabled business owners to understand their income, expenses, assets, liabilities and overall financial position, thereby supporting informed business decisions and effective resource management.
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“Financial reporting is not simply a regulatory requirement. It is a business development tool,” he said.
The FRC representative further explained that transparent financial records could help SMEs improve access to capital, strengthen operational management, enhance business credibility and position enterprises to take advantage of wider market opportunities, including those available under the African Continental Free Trade Area (AfCFTA).
He stressed that the council’s responsibility went beyond enforcement, noting that the FRC was equally committed to education, capacity building, technical guidance and stakeholder engagement to help businesses understand and comply with appropriate financial reporting requirements.
Jemaku also highlighted the economic importance of Rivers State, particularly its contributions to commerce, oil and gas, agriculture, manufacturing, transportation, hospitality and other service sectors. He noted that strengthening the financial reporting capacity of SMEs in the state would contribute significantly to enterprise development, investment readiness and economic diversification.
He encouraged entrepreneurs, cooperative leaders and trade associations to take full advantage of the sensitisation programme by engaging with the FRC’s technical team and applying the knowledge gained to improve their financial management and reporting practices.
The FRC also acknowledged the support and cooperation of relevant stakeholders in Rivers State, particularly government institutions, business associations and other partners whose participation contributed to the success of the programme.
The council equally commended NESLAI, led by its Executive Director, Mr Edwin Olorunfemi, for its partnership and commitment to taking financial reporting awareness directly to the SME community across different parts of the country.
The Rivers State engagement forms part of the FRC’s broader national effort to improve financial reporting awareness among SMEs and cooperative societies, demonstrating the practical benefits of transparency, accountability and proper financial record-keeping.
The organisers noted that stronger financial reporting practices would not only benefit individual businesses but also contribute to increased investor confidence, improved access to finance, employment generation, business formalisation and sustainable economic development.
With the campaign already having reached Kano, Anambra and Borno states, the Rivers State engagement represents another significant step in the FRC’s determination to deepen financial reporting awareness and promote a culture of accountability among SMEs across Nigeria.
