The Financial Reporting Council of Nigeria (FRC) and the International Valuations Standards Council (IVSC), have strengthened a common partnership aimed at assisting the Nigerian government to achieve its goal of a $1 trillion economy by 2026.
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President Ahmed Tinubu having worn the 2023 Presidential polls had in his maiden speech assured Nigerians that the administration will work hard to achieve a $1 trillion economic growth by 2026 given the various measures that will be put in place to achieve the target

Speaking to journalists in Abuja after the two entities of government had a strategic meeting to achieve the target, the Executive Secretary of the FRC, Dr. Rabiu Olowo, assured that all valuation practices would align with global best practices.

He noted that the partnership is expected to play a fundamental role in Nigeria’s economic transformation and bolstering investor confidence.
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Both entities have agreed to deploy enhanced credible financial reporting and valuation standards methods to grow the economy.

Olowo said: “I want to thank you very much for coming here and this is the first time, it would only mark the beginning of the continued relationship. As you rightly said, after fourteen years of the establishment of the FRC, we recently in January 2024 established the directorate of valuation standards.

“This is coming at a time where President Bola Ahmed Tinubu has put down a roadmap for economic transformation moving us into a $1 trillion economy.
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“We find valuation at the core of credible financial reporting whether you talk about valuation of assets, valuation of receivables or any kind of account, and in Nigeria because of the growth of the market we have valuation professionals who are ready doing very fantastic work.

“We believe that oversights and also read relations will also strengthen the quality of their deliverables and at the end of the day contribute to the credibility of financial reporting which of course in turn give much more credibility to investors that want to come in.

“And also the ones that are already in, will believe that it’s also going to go a long way in promoting competitiveness.”
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In his remarks, the Chief Executive Officer of IVSC, Nicholas Talbot, expressed delight in collaborating with local partners, as their understanding of local legislation, taxation, and audit requirements is crucial.

He emphasized that the combination of international and local knowledge and professionalism is key to building investor confidence.

He said: “It’s really good to see the profession and regulators in Nigeria taking steps towards that and I think countries at a macro level have two key interests in valuation. One is the stability of the financial system.
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“And the second is which I think is very important to Nigeria to it’s not just stability, but it’s giving that confidence to inward investors, and as Nigeria moves towards its $1 trillion dollar GDP trade, what you’re doing and many other regulators and parties in Nigeria are doing is absolutely fundamental to achieving that dream.”

He explained that the organizations are aligned in their commitment to promoting stability and attracting inward investment, with the goal of surpassing the $1 trillion GDP target and potentially reaching $3 trillion in the future.
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