The Financial Reporting Council of Nigeria (FRC), in partnership with Integrity Organisation, has inaugurated an advisory committee to drive the rollout of the SME governance certification scheme.
Unveiled at a stakeholders' meeting in Lagos, the initiative—tagged the Business Integrity Certification (BIC) Project—seeks to validate the governance, compliance, and integrity practices of Nigerian SMEs.
Speaking on behalf of FRC's CEO, Dr. Rabiu Olowo, Coordinating Director Titus Osawe said the scheme aligns with FRC's mandate to strengthen governance across enterprises, adding that SMEs, which account for over 80% of Nigerian businesses, cannot be left behind.
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Integrity Organisation CEO, Soji Apampa, described the certification as a risk-management tool for investors and a gateway for SMEs to access finance, procurement contracts, and global trade opportunities.
He revealed that government is considering policies to prioritise certified SMEs and women-owned enterprises in contracts below N50 million.
Experts warned that without stronger governance standards, SMEs risk exclusion from AfCFTA and other global trade opportunities.
The advisory committee will fine-tune implementation, ensuring affordability and inclusivity for small businesses.
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