Photo caption: OPS logo
By Charles Okonji
The Organised Private Sector of Nigeria (OPSN) led by NACCIMA, MAN, NECA, NASSI and NASME applauds President Bola Ahmed Tinubu, for the recent decision to halt the implementation of certain provisions of the FRC Act which imposed financial caps and additional compliance dues on private companies.
This was contained in a press statement signed by Engr. Jani Ibrahim, the newly installed President of the Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA), who also doubles as the Chairman of OPSN.
According to him, “This action comes as a timely relief to the organized private sector members including the Micro, Small and Medium Enterprises (MSMEs), many of whom had expressed deep concerns about the financial and administrative burden posed by the mandatory levies and reporting obligations under the current FRC framework.
“The OPSN and its stakeholders have been in active dialogue with the Federal Ministry of Industry, Trade and Investment and other critical agencies, advocating for business-friendly policies that foster enterprise growth, protect jobs, and enhance national productivity.
“We, therefore, commend the efforts of the Government for this timely decision, which is a proactive and responsive measure that supports the Federal Government’s commitment to improving the ease of doing business and sustaining investor confidence.”
Ibrahim noted that the suspension provides a critical window for stakeholders to revisit the framework, adding that it ensures that future implementations of financial reporting obligations are transparent, equitable, sensitive to the realities and legitimate concerns of Nigerian businesses.
“The OPSN urges continued engagement between regulatory institutions and the private sector to co-create regulatory policies that drive economic growth without stifling entrepreneurship. We remain committed to constructive dialogue and collaboration that will advance Nigeria’s economic transformation agenda.” The NACCIMA Boss stressed.
