The Financial Reporting Council of Nigeria (FRC) and the United Nations Conference on Trade and Development-International Standards on Accounting and Reporting (UNCTAD-ISAR) successfully hosted a National Workshop on the Accounting Development Tool (ADT) project at the Lagos Continental Hotel, Victoria Island, Lagos on July 24, 2024. This pivotal event marked a significant milestone in Nigeria’s journey towards enhanced financial reporting standards.
The workshop featured a series of insightful presentations from UNCTAD-ISAR and FRC representatives, who shared their expertise on the ADT project and discussed the implementation strategies alongside the draft ADT report. Participants engaged in interactive sessions, fostering a collaborative environment that encouraged knowledge sharing and idea generation.
The event was attended by a distinguished gathering of experts, stakeholders, and representatives from diverse sectors, all united in their commitment to enhancing transparency, accountability, and credibility in Nigeria’s financial reporting practices.
In his address, the Executive Secretary/CEO of the FRC, Dr. Rabiu Olowo, underscored the importance of the ADT initiative. “Today, we find ourselves at a critical juncture where adherence to international standards is not merely a benchmark for excellence but a prerequisite for sustainable economic growth,” he stated. He emphasized that the adoption and implementation of these standards are vital for fostering investor confidence, facilitating cross-border trade, and ensuring efficient capital allocation.
Dr. Olowo also highlighted Nigeria’s transformation agenda under President Bola Ahmed Tinubu (GCFR), which focuses on economic revitalization and institutional reform. He reiterated that robust financial reporting frameworks, including corporate and sustainability reporting, are essential for building trust and confidence in financial markets.
“Our commitment to transparency, accountability, and excellence in financial reporting is unwavering,” Dr. Olowo said. “Let us seize this opportunity to learn from one another, forge new partnerships, and chart a course toward a future where Nigeria’s financial sector stands as a beacon of integrity, resilience, and sustainability on the global stage.”
The workshop concluded with a call to action for all participants to actively engage, share insights, and support Nigeria in closing the gaps necessary to fully adopt accounting standards and practices going forward. With a shared vision for the future, stakeholders left the workshop energized and committed to enhancing Nigeria’s financial reporting landscape.
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