The Organised Private Sector of Nigeria (OPSN) has lauded President Bola Ahmed Tinubu for suspending the enforcement of certain provisions in the Financial Reporting Council (FRC) of Nigeria Act that imposed steep financial dues and compliance requirements on private companies.
The OPSN, which includes the Manufacturers Association of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of Small and Medium Enterprises (NASME), and the Nigerian Association of Small Scale Industries (NASSI), described the move as a significant relief for businesses across the country.
The federal government had on Sunday announced the capping of annual dues for large, unlisted private companies at ₦25 million. It also pledged to pursue legislative amendments to revise the contentious sections of the FRC Act.
Chairman of the OPSN, Mr. Jani Ibrahim, who also serves as NACCIMA President, welcomed the development, calling it “a timely relief” for private sector players, including Micro, Small, and Medium Enterprises (MSMEs), who had raised concerns over the financial and administrative burdens of the FRC framework.
He noted that the OPSN had been actively engaging with the Federal Ministry of Industry, Trade and Investment, along with other key agencies, to advocate for business-friendly reforms that support enterprise development, job preservation, and national productivity.
“This decision reflects the federal government’s responsiveness and commitment to improving the ease of doing business in Nigeria,” Ibrahim said. “It opens a crucial window for stakeholders to re-evaluate the financial reporting framework to ensure future implementations are fair, transparent, and sensitive to the realities of Nigerian businesses.”
The OPSN also called for sustained engagement between regulatory bodies and the private sector to jointly develop policies that promote economic growth while protecting entrepreneurship.
“We remain committed to constructive dialogue and collaboration to support Nigeria’s economic transformation agenda,” Ibrahim added.
