The Financial Reporting Council of Nigeria (FRC) has urged Small and Medium Enterprises (SMEs) to embrace proper financial reporting, describing it as a critical tool for business growth, improved access to finance and sustainable economic development.

The council made the call during its SMEs Financial Reporting Awareness Campaign, themed “Benefits for Businesses, Cooperatives and the National Economy,” held in Awka, Anambra State.

Delivering the keynote address on behalf of the Executive Secretary/Chief Executive Officer of the FRC, Dr. Rabiu Olowo, said SMEs remain the backbone of Nigeria’s economy through innovation, employment generation and wealth creation.

Olowo, represented by the Director of Accounting Standards (Private Sector), Kabiru Jemaku, said financial reporting goes beyond maintaining records, stressing that it enables businesses to make informed decisions, strengthens investor confidence, improves access to funding and enhances long-term sustainability.

Jemaku added that the council remains committed to supporting SMEs through simplified financial reporting frameworks, capacity-building programmes and sustained stakeholder engagement aimed at making financial reporting more practical and accessible for small businesses across the country.

In his welcome address, Executive Director of the New Era for Sustainable Leadership and Accountability Initiative (NESLAI), Edwin Olorunfemi, commended the entrepreneurial spirit of Anambra residents, describing them as resilient, innovative and disciplined business owners whose contributions continue to drive Nigeria’s economy.

According to him, proper financial reporting has become indispensable in today’s competitive business environment, as it enhances business growth, attracts investment opportunities and promotes long-term sustainability.

He urged entrepreneurs to embrace transparency, accountability and professionalism in managing their businesses.

Representing the Anambra State Commissioner for Commerce and Industry, Nonso Chukwuma Ebonwu, the Permanent Secretary of the ministry, Engr. Mike Obiekwe, lauded the FRC for selecting the state to host the awareness campaign.

He described the initiative as timely and impactful, noting that it demonstrates the council’s commitment to equipping micro, small and medium enterprises (MSMEs) with the knowledge and skills required to build transparent, accountable and sustainable businesses.

Obiekwe encouraged the council to sustain and expand the programme to other states, while commending the Ministry of Commerce, the Cooperative Department and other institutions supporting entrepreneurs through funding, training and capacity development.

He urged MSMEs to remain resilient, innovative and committed to integrity, continuous learning and strategic partnerships.

The campaign ended with participants and stakeholders calling for stronger collaboration among government agencies, regulators, financial institutions, professional bodies and SME associations to deepen financial literacy, improve financial reporting practices and strengthen the capacity of Nigerian businesses.