The Financial Reporting Council of Nigeria (FRC) in collaboration with Integrity Organisation and UN Global Compact Network Nigeria have pledged to unveil governance guidelines to enable business enterprises to thrive.
The organisations made this known in an interview on Monday in Abuja during the official inauguration of the Small and Medium-Enterprises Corporate Governance Guidelines (SME-CGG).
The SME-CGG is designed to enhance transparency, accountability and performance within the sector, and provides a framework that enables SMEs to strengthen business practices, tackle regulatory risks, and survive the unpredictable business environments.
The Executive Secretary/CEO, of FRC, Dr Rabiu Olowo said the SME-CGG SME Future-Forward Project funded by the MacArthur Foundation would be inaugurated at the FRC office on May 30.
He said the SME-CGG would not only tackle the governance needs of Micro, Small, and medium enterprises (MSMEs) but would position it to attract investment, build trust with stakeholders and enhance competitive edge.
Olowo said, “Good corporate governance is not merely about compliance; it is about fostering a culture of ethical behaviors, sound decision-making and long-term sustainability.
“It is about creating businesses that are not only profitable, but also contribute positively to the society.
“We at the Council eagerly look forward to witnessing the remarkable achievements that will undoubtedly arise from this initiative.”
The CEO of Integrity Organisation, Soji Apampa, described the guideline initiative as apt in advancing business operations in Nigeria.
“This initiative for SMEs establishes code of corporate governance with guidelines that are not mandatory.
“They are rather adopted by companies due to the incentives they will receive, enabling them to better contribute to national sustainable growth,” Apampa said.
The Executive Director, of UN Global Compact Network Nigeria, Ms Naomi Nwokolo said the guidelines would help to incorporate sustainability into business operation strategies and firm commitment to Nigeria’s SMEs.
“Although SMEs face greater barriers than large companies, they often provide essential services and products in the supply chains of larger companies and account for more than 50 per cent of employment worldwide.
“Creating opportunities for SMEs is key to advance social and economic development, in line with the Sustainable Development Goals (SDGs),” Nwokolo said.
NAN