The Financial Reporting Council of Nigeria, FRC, in partnership with the New Era for Sustainable Leadership and Accountability Initiative, NESLAI, has sensitised Small and Medium Enterprises, SMEs, in Borno State on the importance of proper financial reporting and record-keeping
The sensitisation campaign, themed “Benefits for Business Enterprises, Cooperatives and the National Economy,” brought together business owners, entrepreneurs, cooperative societies, trade associations and other stakeholders in the state.
Speaking at the event, the Executive Secretary of the FRC, Dr Rabiu Olowo, represented by the Director, Directorate of Accounting Standards, Kabiru Musa Jemaku, said financial reporting should be viewed not merely as a statutory requirement but as a tool for business growth.
Jemaku said credible financial statements could help businesses demonstrate their performance and strengthen their dealings with banks, investors, development finance institutions and government agencies.
He said proper financial records also enabled business owners to track income, expenses, assets, liabilities and overall performance, thereby improving decision-making.
“Financial reporting is not simply a regulatory requirement. It is a business development tool,” he said.
According to him, transparent financial records can improve access to capital, strengthen operational management, enhance business credibility and position SMEs to access wider markets, including opportunities under the African Continental Free Trade Area, AfCFTA.
Jemaku said the FRC’s mandate extended beyond enforcement to include education, capacity building, technical guidance and stakeholder engagement to help businesses comply with appropriate financial reporting standards.
He commended the resilience and entrepreneurial spirit of Borno residents, particularly in trade, agriculture, livestock, transportation, services and manufacturing.
He said stronger financial structures had become increasingly important as the state pursued reconstruction, economic revitalisation and investment.
Jemaku urged entrepreneurs, cooperative leaders and trade associations to engage with the FRC’s technical team and apply the knowledge gained from the sensitisation programme to strengthen their businesses.
The FRC also commended the Borno State Ministry of Trade, Investment and Tourism for supporting the programme and NESLAI, led by its Executive Director, Edwin Olorunfemi, for partnering with the Council to take financial reporting awareness to the grassroots.
The organisers said the campaign was part of efforts to improve financial reporting practices among SMEs and cooperatives and demonstrate the practical benefits of transparency, accountability and proper record-keeping.
They said improved reporting practices would benefit individual businesses while also boosting investor confidence, improving access to finance, creating jobs and supporting sustainable economic development.
The Borno engagement followed similar campaigns in Kano and Awka as the FRC and its partners intensify efforts to deepen financial reporting awareness among businesses across the country.
