Council unveils guideline for promoting businesses enterprise in Nigeria

The Financial Reporting Council of Nigeria (FRC) in collaboration with Integrity Organisation and UN Global Compact Network Nigeria have pledged to unveil governance guidelines to enable business enterprises thrive.

The organisations made this known in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja in view of the official inauguration of the Small and Medium-Enterprises Corporate Governance Guidelines (SME-CGG).

The SME-CGG designed to enhance transparency, accountability and performance within the sector, provides framework that enables SMEs strengthen business practices, tackle regulatory risks, and survive unpredictable business environment.

Dr Rabiu Olowo, Executive Secretary/CEO, FRC said the SME-CGG was SME Future-Forward Project funded by MacArthur Foundation would be inaugurated at the FRC office on May 30.

He said the SME-CGG would not only tackle governance needs of Micro, Small, and Medium-Enterprises (MSMEs), but would position it to attract investment, build trust with
stakeholders and enhance competitive edge.

Olowo said, ‘Good corporate governance is not merely about compliance; it is about fostering a culture of ethical behaviors, sound decision-making and long-term sustainability.

‘It is about creating businesses that are not only profitable, but also contribute positively to the society.

‘We at the Council eagerly look forward to witnessing the remarkable achievements that will undoubtedly arise from this initiative.’

The CEO of Integrity Organisation, Soji Apampa, described the guideline initiative as apt in advancing business operations in Nigeria.

‘This initiative for SMEs establishes code of corporate governance with guidelines that are not mandatory.

‘They are rather adopted by companies due to the incentives they will receive, enabling them to better contribute to national sustainable growth,’ Apampa said.

Ms Naomi Nwokolo, Executive Director, UN Global Compact Network Nigeria, said the guidelines would help to incorporate sustainability into business oper
ation strategies and firm commitment to Nigeria’s SMEs.

‘Although SMEs face greater barriers than large companies, they often provide essential services and products in the supply chains of larger companies and account for more than 50 per cent of employment worldwide.

‘Creating opportunities for SMEs is key to advance social and economic development, in line with the fundamental Sustainable Development Goals (SDGs),’ Nwokolo said.

Source: News Agency of Nigeria