September 19, 2026 by Musa Umar Bologi, Abuja
FRC, NESLAI urge SMEs to embrace financial reporting
The Financial Reporting Council of Nigeria (FRC), in partnership with the New Era for Sustainable Leadership and Accountability Initiative (NESLAI), has urged Small and Medium Enterprises (SMEs) and cooperative societies to adopt sound financial reporting to improve access to capital and achieve sustainable growth.
The council made the call during the FRC’s SME Financial Reporting Compliance Sensitisation Campaign in Maiduguri, Borno State, themed: “Benefits for Business Enterprises, Cooperatives and the National Economy.”
The campaign brought together business leaders, entrepreneurs, cooperative societies, trade associations and other stakeholders to promote transparency, accountability and sound financial record-keeping among businesses.
Speaking at the event, the Executive Secretary of the FRC, Dr Rabiu Olowo, said financial reporting should not be viewed merely as a statutory or regulatory requirement, but as “an important business development tool capable of strengthening enterprises and positioning them for sustainable growth.”
Representing the Director, Directorate of Accounting Standards, Kabiru Musa Jemaku, Olowo said credible financial statements enable 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 said proper financial records also help business owners understand their income, expenses, assets, liabilities, and overall performance, enabling informed business decisions.
Olowo added that transparent financial records could help SMEs improve access to capital, strengthen operational management, enhance their credibility and position them to take advantage of wider markets, including opportunities under the African Continental Free Trade Area (AfCFTA).
He stressed that the council’s responsibility goes beyond enforcement, noting that the FRC is also committed to education, capacity building, technical guidance and stakeholder engagement to help businesses understand and meet appropriate financial reporting requirements.
Olowo acknowledged the resilience and entrepreneurial spirit of Borno residents, particularly those engaged in trade, agriculture, livestock, transportation, services and manufacturing.
He said the need for stronger financial structures had become particularly important as Borno continues its reconstruction, economic revitalisation and investment drive.
The Executive Secretary encouraged entrepreneurs, cooperative leaders and trade associations to take advantage of the sensitisation programme by engaging with the FRC’s technical team and applying what they learned to strengthen their businesses.
He commended the Borno State Ministry of Trade, Investment and Tourism for its cooperation and support for the programme.
Olowo also acknowledged NESLAI’s contribution, led by its Executive Director, Mr Edwin Olorunfemi, for partnering with the FRC to take financial reporting awareness directly to the business community.
He said stronger financial reporting practices would benefit individual businesses while contributing to greater investor confidence, improved access to finance, employment generation and sustainable economic development.
The Borno engagement follows earlier phases of the campaign held in Kano and Awka, as the FRC and its partners continue efforts to deepen financial reporting awareness among businesses across Nigeria.
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