Reliable financial reporting crucial to Nigeria’s economic stability – VP

Vice President Kashim Shettima has stressed the importance of reliable and transparent financial reporting for Nigeria's economic stability. Speaking at the commissioning of the new headquarters of the Financial Reporting Council of Nigeria (FRC) in Lagos, Shettima emphasized that strong, credible regulatory institutions are crucial for sustainable economic prosperity.

He stated that while Nigeria possesses valuable natural resources and capital, trust remains the ultimate catalyst for economic growth. Shettima highlighted that financial reporting transcends routine accounting metrics and directly influences investment decisions and market resilience. President Bola Tinubu's administration is committed to building durable governance structures that provide long-term regulatory certainty for investors.

The FRC, established in 1982 and transformed under the FRC Act No. 6 of 2011, serves as the primary regulator for financial reporting, auditing, corporate governance, valuation, and actuarial standards. Recent amendments have strengthened the council's enforcement powers and expanded its scope. The Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, also emphasized the importance of regulatory predictability and strong corporate governance for attracting foreign direct investment.

She noted that investors cannot confidently commit capital to numbers they cannot trust, and companies cannot sustainably lower their cost of capital where disclosure is weak. The commissioning of the new headquarters is described as a historic milestone, marking a new chapter in the FRC's 44-year search for a permanent institutional home.