Shettima: Reliable Financial Reporting Key to Nigeria's Stability

Vice President Kashim Shettima stated that reliable and transparent financial reporting is fundamental to investor confidence and national economic stability during the commissioning of the new permanent headquarters of the Financial Reporting Council of Nigeria (FRC) in Lagos. He spoke through his Chief Special Adviser on Economic Matters, Dr Tope Fasua, and highlighted that while Nigeria has abundant resources, institutional trust is crucial for sustainable economic growth.

Shettima noted that financial reporting goes beyond mere accounting metrics, asserting that transparency in corporate disclosures significantly impacts investment decisions. He emphasized that the current administration under President Bola Tinubu is dedicated to establishing robust governance structures that ensure long-term regulatory certainty for investors.

The FRC, originally the Nigerian Accounting Standards Board established in 1982, has expanded its enforcement capabilities following the FRC Amendment Act 2023. This act enhances its powers to penalize reporting infractions and implement sustainability disclosures.

Minister of Industry, Trade, and Investment, Dr Jumoke Oduwole, also spoke, affirming that strong corporate governance is vital for attracting foreign direct investment.