The Financial Reporting Council of Nigeria (FRC) has said credible financial reports can help small and medium enterprises (SMEs) in Borno State improve access to capital and strengthen their businesses.

The council made this known during its SME Financial Reporting Compliance Sensitisation Campaign in Maiduguri, organised in partnership with the New Era for Sustainable Leadership and Accountability Initiative (NESLAI).

The programme, themed, “Benefits for Business Enterprises, Cooperatives and the National Economy,” brought together business owners, entrepreneurs, cooperative societies, trade associations and other stakeholders.

Executive Secretary of the FRC, Dr. Rabiu Olowo, represented by the Director, Directorate of Accounting Standards, FRC Nigeria, Kabiru Jemaku, said financial reporting should not be viewed merely as a statutory or regulatory obligation.

He described it as an important tool for business development, sustainable growth and access to funding.

Jemaku said credible financial statements enable businesses to demonstrate their financial performance and strengthen engagement with banks, investors, development finance institutions, government agencies and other potential sources of funding.

According to him, proper financial records also enable business owners to understand their income, expenses, assets, liabilities and overall performance, thereby helping them make informed decisions.

“Financial reporting is not simply a regulatory requirement. It is a business development tool,” he said.

Jemaku added that transparent financial records could help SMEs improve access to capital, strengthen operational management and enhance their credibility.

He said proper reporting would also position businesses to take advantage of wider markets, including opportunities under the African Continental Free Trade Area (AfCFTA).

The FRC director stressed that the council’s mandate extends beyond enforcement, noting that it also focuses on education, capacity building, technical guidance and stakeholder engagement.

He acknowledged the resilience and entrepreneurial spirit of Borno residents, particularly those operating in trade, agriculture, livestock, transportation, services and manufacturing.

Jemaku said stronger financial structures had become increasingly important as the state continues its reconstruction, economic revitalisation and investment drive.

He encouraged entrepreneurs, cooperative leaders and trade associations to engage with the FRC’s technical team and apply the knowledge gained from the sensitisation programme to strengthen their businesses.

The council commended the Borno State Ministry of Trade, Investment and Tourism for its cooperation and support for the programme.

It acknowledged the contribution of NESLAI, led by its Executive Director, Mr. Edwin Olorunfemi, for partnering with the FRC to take financial reporting awareness directly to the business community.

The organisers said improved financial reporting practices would promote transparency, accountability and proper record-keeping among businesses, while contributing to investor confidence, access to finance, employment generation and sustainable economic development.

The Borno engagement followed earlier phases of the campaign held in Kano and Awka, as the FRC and its partners continue efforts to deepen financial reporting awareness among SMEs and cooperative societies across the country.