The Financial Reporting Council of Nigeria (FRC) has emphasized the importance of credible financial reports for small and medium enterprises (SMEs) in Borno State. During its SME Financial Reporting Compliance Sensitisation Campaign in Maiduguri, the council highlighted that proper financial records can help businesses improve access to capital and strengthen their operations. The programme was organised in partnership with the New Era for Sustainable Leadership and Accountability Initiative (NESLAI).
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. Executive Secretary of the FRC, Dr. Rabiu Olowo, represented by Kabiru Jemaku, Director of the Directorate of Accounting Standards, FRC Nigeria, stressed that financial reporting should not be viewed merely as a statutory obligation. Instead, it is an important tool for business development, sustainable growth, and access to funding.
Jemaku noted that credible financial statements enable businesses to demonstrate their financial performance and strengthen engagement with banks, investors, development finance institutions, government agencies, and other potential sources of funding. Proper financial records also enable business owners to understand their income, expenses, assets, liabilities, and overall performance, thereby helping them make informed decisions. This, he said, can help SMEs improve access to capital, strengthen operational management, and enhance their credibility.
The FRC director added that transparent financial records could position businesses to take advantage of wider markets, including opportunities under the African Continental Free Trade Area (AfCFTA). He emphasized that the council’s mandate extends beyond enforcement, focusing on education, capacity building, technical guidance, and stakeholder engagement. Jemaku acknowledged the resilience and entrepreneurial spirit of Borno residents, particularly those operating in trade, agriculture, livestock, transportation, services, and manufacturing.
Jemaku stressed that stronger financial structures have become increasingly important as Borno State continues its reconstruction, economic revitalisation, and investment drive. He encouraged 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 council commended the Borno State Ministry of Trade, Investment, and Tourism for its cooperation and support for the programme.
The organisers said improved financial reporting practices would promote transparency, accountability, and proper record-keeping among businesses, while contributing to investor confidence, access to finance, employment generation, and sustainable economic development. The Borno engagement followed earlier phases of the campaign held in Kano and Awka, as the FRC and its partners continue efforts to deepen financial reporting awareness among SMEs and cooperative societies across the country.
The FRC and NESLAI were commended for their partnership in taking financial reporting awareness directly to the business community. The programme aims to educate SMEs and cooperative societies on the benefits of credible financial reports and encourage them to adopt best practices in financial reporting. By doing so, the council hopes to promote sustainable economic growth and development in Borno State and across Nigeria.
Key points
- Credible financial reports can help SMEs in Borno State improve access to capital and strengthen their businesses.
- The Financial Reporting Council of Nigeria is conducting a sensitisation campaign to educate SMEs and cooperative societies on the benefits of credible financial reports.
- Improved financial reporting practices can promote transparency, accountability, and sustainable economic development in Nigeria.
