The council made the call during its SMEs Financial Reporting Awareness Campaign, themed “Benefits for Businesses, Cooperatives and the National Economy,” held in Awka, Anambra State.
Delivering the keynote address on behalf of the Executive Secretary/Chief Executive Officer of the FRC, Dr. Rabiu Olowo, said SMEs remain the backbone of Nigeria’s economy through innovation, employment generation and wealth creation.
Olowo, represented by the Director of Accounting Standards (Private Sector), Kabiru Jemaku, said financial reporting goes beyond maintaining records, stressing that it enables businesses to make informed decisions, strengthens investor confidence, improves access to funding and enhances long-term sustainability.
Obiekwe encouraged the council to sustain and expand the programme to other states, while commending the Ministry of Commerce, the Cooperative Department and other institutions supporting entrepreneurs through funding, training and capacity development.
He urged MSMEs to remain resilient, innovative and committed to integrity, continuous learning and strategic partnerships.
The campaign ended with participants and stakeholders calling for stronger collaboration among government agencies, regulators, financial institutions, professional bodies and SME associations to deepen financial literacy, improve financial reporting practices and strengthen the capacity of Nigerian businesses.
