The Organised Private Sector of Nigeria (OPSN) has commended President Bola Ahmed Tinubu for suspending certain provisions of the Financial Reporting Council (FRC) Act, describing the decision as a much-needed relief for businesses already struggling with rising compliance costs.

The OPSN—comprising the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Manufacturers Association of Nigeria (MAN), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of Small Scale Industrialists (NASSI), and Nigerian Association of Small and Medium Enterprises (NASME)—said the suspended provisions had placed an “unnecessary financial and administrative burden” on private companies, particularly Micro, Small and Medium Enterprises (MSMEs).

In a statement signed by Engr. Jani Ibrahim, National President of NACCIMA and Chairman of OPSN, the group praised the federal government’s “responsive approach,” noting that the suspension reflects a commitment to improving the ease of doing business in Nigeria.

“This is a proactive and commendable step that boosts investor confidence and protects Nigerian businesses from unnecessary strain,” Ibrahim said.

Businesses Raise Alarm Over Burdensome Compliance

The controversial FRC provisions mandated additional levies and complex reporting requirements that many in the private sector argued would stifle enterprise growth and discourage entrepreneurship. MSMEs, in particular, voiced concerns about the cost of compliance, warning that the measures could lead to job losses and reduced productivity at a time when the economy is facing mounting pressures.

For months, the OPSN had been engaging with the Federal Ministry of Industry, Trade and Investment, along with other regulatory agencies, calling for reforms that balance financial transparency with business sustainability.

Opportunity for Collaborative Reform

While welcoming the suspension, the OPSN stressed the need for continued dialogue to ensure future financial reporting frameworks are “transparent, equitable, and sensitive” to the realities of Nigerian businesses.

“This suspension creates an opportunity for all stakeholders to revisit the framework and co-develop policies that promote accountability without crippling enterprises,” the statement added.

The group urged regulators to work closely with the private sector in shaping rules that support economic growth, job creation, and national productivity.

Path to Economic Transformation

The OPSN emphasized that sustainable economic growth requires policies that encourage entrepreneurship rather than inhibit it. It reiterated its commitment to constructive engagement with government agencies to advance Nigeria’s broader economic transformation agenda.

As businesses await the next steps, the private sector is calling for regulatory frameworks that drive growth, protect jobs, and reflect the real operating environment for Nigerian companies navigating both domestic and global economic challenges.

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