Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, is convening a stakeholder forum to address concerns surrounding the annual levy of the Financial Reporting Council of Nigeria (FRCN). A statement issued on Monday by the ministry said that the engagement “comes in direct response to concerns raised by the organized private sector and other key stakeholders and aims to facilitate dialogue with the Financial Reporting Council of Nigeria (FRCN).”

According to the statement, “The forum, scheduled to hold on Wednesday, March 26, 2025, in Abuja and streamed online, will serve as a platform for open dialogue and a review of the current framework. In line with President Bola Tinubu’s 8-Point Agenda, the administration remains committed to being a listening government. This convening reflects the federal government’s broader commitment to transparency, fairness, and alignment with international best practices, with a strong focus on improving Nigeria’s business environment.

“At the centre of the discussions are concerns regarding certain provisions, particularly the annual due structure for Public interest Entities (PIEs) under the Financial Reporting Council Act (FRC) (Amendment) 2023.

“In light of the issues raised, Dr. Jumoke Oduwole reaffirmed the Ministry’s dedication to stakeholder collaboration, stating:

“The Ministry remains committed to working closely with stakeholders. Constructive dialogue around regulatory policies is essential to ensure that all businesses – large and small – are supported in a fair and sustainable way. This is critical to enhancing business competitiveness and aligning with Nigeria’s broader economic transformation agenda”.”