By John Alechenu

The Financial Reporting Council of Nigeria (FRC) has reaffirmed its commitment to helping Small and Medium Enterprises (SMEs) adopt proper financial record-keeping practices to enhance business growth and contribute to national economic development.

The council made the commitment at the SMEs Financial Reporting Awareness Campaign held in Awka, Anambra State, on Thursday. The campaign was themed, “Benefits for Businesses, Cooperatives and the National Economy.”

Delivering the keynote address on behalf of the Executive Secretary of the FRC, Dr. Rabiu Olowo, the Director of Accounting Standards (Private Sector), Mr. Kabiru Jemaku, described SMEs as the backbone of Nigeria’s economy.

He said financial reporting goes beyond keeping records, noting that when properly implemented, it serves as a strategic tool for improving access to finance, supporting informed decision-making, promoting business sustainability and boosting investor confidence.

Jemaku said the FRC is supporting SMEs through simplified financial reporting frameworks, capacity-building programmes and regular stakeholder engagement to make financial reporting more practical and accessible.

Earlier, the Executive Director of the New Era for Sustainable Leadership and Accountability Initiative (NESLAI), Edwin Olorunfemi, commended Anambra entrepreneurs for their resilience and discipline.

He urged business owners to embrace transparency, accountability and professionalism in their operations.

Representing the Anambra State Commissioner for Commerce and Industry, the Permanent Secretary, Engr. Mike Obiekwe, described the awareness campaign as timely and called on the FRC to extend the initiative to other states.

He also appreciated the Ministry of Commerce, the Cooperative Department and other partners for supporting entrepreneurs through funding and training initiatives.

Participants at the event described the campaign as impactful, saying the knowledge gained would strengthen financial management, enhance business credibility and improve access to funding.

The programme ended with a call for stronger collaboration among government agencies, regulators, financial institutions, professional bodies and SME associations to deepen financial literacy and promote sustainable business growth.