Abuja, Nigeria, 26/03/2025 In a landmark move to promote a business-friendly environment, the Honourable Minister of Trade and Investment, Dr Jumoke Oduwole, MFR, reaffirmed the Nigerian government’s commitment to economic growth and regulatory excellence during a Stakeholder Engagement Meeting held in Abuja.
The meeting brought together key figures from the private and public sectors to discuss strategies for refining financial reporting regulations and fostering inclusive economic governance.
Dr. Oduwole emphasized President Bola Ahmed Tinubu’s dedication to co-creating solutions that enhance economic growth, uphold free-market principles, and ensure transparency and fairness in Nigeria’s business landscape. She highlighted the administration’s vision of aligning Nigeria’s regulatory frameworks with global standards to attract investment, stimulate development, and foster long-term prosperity.
As part of these efforts, the Federal Ministry of Industry, Trade and Investment announced a temporary pause on select financial reporting regulations to enable an inclusive review process.
Dr. Oduwole proposed the establishment of a Technical Working Group (TWG) comprising representatives from the Organized Private Sector (OPS) and regulatory bodies to conduct an empirical impact assessment of the Financial Reporting Council (FRC) Amendment Act 2023. This initiative reflects the government’s commitment to evidence-based policymaking, transparency, and responsiveness to stakeholder concerns.
“Today’s constructive dialogue exemplifies our administration’s commitment to responsive governance,” remarked Dr. Oduwole. “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, outlining its purpose of strengthening corporate governance and enhancing regulatory accountability. He emphasized ensuring alignment with Nigeria’s dynamic business environment while maintaining compliance with international best practices.
The consultative forum featured representatives from regulatory agencies, private sector organizations, multilateral institutions, and other stakeholders. Among those in attendance were 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 community also participated.
The intervention was well-received by critical stakeholders, who commended the government’s willingness to engage with the private sector and adopt policies to foster confidence among investors and businesses. Stakeholders were optimistic that the collaborative approach would lead to a balanced regulatory framework supporting sustainable economic growth and development.
To ensure transparency and accountability, the Ministry outlined key next steps, including the establishment of the TWG within 14 days, commencement of the review process within 30 days, and a follow-up stakeholder forum in Q2 2025 to assess progress.
This collaborative regulatory review reaffirms the Federal Government’s dedication to fostering an enabling environment for sustainable economic growth. By strengthening regulatory frameworks and promoting public-private collaboration, Nigeria moves closer to realizing its economic potential as a competitive investment destination.
Signed
Adebayo Thomas PhD
Director, Press and Public Relations
26/03/2025
