FG sets up committee to review Financial Reporting Council levy after stakeholders engagement
The Federal Government has launched a regulatory review process aimed at improving Nigeria’s business environment and driving economic growth. The Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, MFR, made this known during a Stakeholder Engagement Meeting held in Abuja, where she reaffirmed the administration’s commitment to fostering a transparent and investment-friendly economy.
The meeting brought together key figures from the public and private sectors to deliberate on financial reporting regulations and strategies to promote inclusive economic governance. Dr. Oduwole stressed President Bola Ahmed Tinubu’s commitment to upholding free-market principles, ensuring regulatory transparency, and aligning Nigeria’s business policies with international standards.
As part of this initiative, the Federal Government has temporarily suspended select financial reporting regulations to allow for a more inclusive consultation process. The ministry also announced plans to establish a Technical Working Group (TWG), comprising representatives from the Organized Private Sector (OPS) and regulatory bodies, to conduct an empirical assessment of the Financial Reporting Council (FRC) Amendment Act 2023.
Speaking at the forum, Dr. Oduwole emphasized the importance of private-sector collaboration in shaping economic policies. “Today’s constructive dialogue exemplifies our administration’s commitment to responsive governance,” she stated. “We recognize the private sector as the engine of economic growth and remain steadfast in our resolve to co-create solutions that enhance Nigeria’s investment climate while protecting all stakeholder interests.”
Dr. Rabiu Olowo, Executive Secretary/CEO of the Financial Reporting Council of Nigeria (FRC), provided insights into the FRC Amendment Act 2023, highlighting its goal of strengthening corporate governance and enhancing regulatory accountability. He assured stakeholders that the review process would balance the need for compliance with the realities of Nigeria’s evolving business landscape.
The forum was attended by key stakeholders, including representatives from the Manufacturers Association of Nigeria (MAN), the Nigerian Export Promotion Council (NEPC), and senior officials from the Federal Ministry of Industry, Trade, and Investment. Members of the diplomatic and investor communities also participated, highlighting the importance of the initiative to Nigeria’s economic future.
The government’s decision to engage the private sector in the regulatory review process was met with positive reactions from stakeholders, who welcomed the move as a step toward fostering investor confidence and economic stability. Many expressed optimism that the collaborative approach would lead to policies that support sustainable business growth and development.
To ensure transparency and accountability, the ministry announced key next steps, including the establishment of the Technical Working Group (TWG) within 14 days, commencement of the review process within 30 days, and a follow-up Stakeholder Forum in Q2 2025 to assess progress.
