Honourable Minister of Industry, Trade and Investment Engages Stakeholders on Financial Reporting Council of Nigeria FRCN Levy

The Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, is convening a stakeholder forum to address concerns surrounding the annual FRCN levy.

According to a statement released by the Director of Press, FMITI, Dr. Adebayo Thomas Director, 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.

This 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).

The statement noted that in light of the issues raised, Dr. Jumoke Oduwole reaffirmed the Ministry’s dedication to stakeholder collaboration.

According to her, “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.”

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.