Amid growing concerns from the organized private sector, the Honourable Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, has announced an urgent stakeholder forum in collaboration with the Financial Reporting Council of Nigeria (FRCN). The forum aims to address widespread grievances over the annual FRCN levy and ensure a fair, transparent, and business-friendly regulatory framework.
Scheduled for Wednesday, March 26, 2025, in Abuja, with a live-streaming option, the forum will provide a crucial platform for open dialogue between the government, businesses, and other key stakeholders. The minister emphasized that this initiative aligns with the federal government’s commitment to fostering a conducive business environment through transparency, fairness, and global best practices.
At the heart of the discussions will be Section 33(1)(c) of the FRCN Act, which mandates quoted companies to pay an annual levy of either 0.002% of their market capitalization or ₦25 million, whichever is lower. Many businesses have voiced concerns over the levy’s financial burden, prompting the government to reconsider its implementation and potential modifications.
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Dr. Oduwole reassured stakeholders of the Ministry’s commitment to collaborative policymaking, stating: “The Ministry remains dedicated to working closely with stakeholders to create a regulatory environment that supports businesses—both large and small. Constructive dialogue is essential for fostering competitiveness and aligning with Nigeria’s broader economic transformation agenda.”
As the forum approaches, industry players and investors are keenly watching for possible policy shifts that could impact Nigeria’s economic landscape. The government’s willingness to engage in direct discussions signals a potential shift towards more business-friendly reforms, reinforcing confidence in the administration’s pro-investment policies.
