PRESIDENT GOODLUCK EBELE JONATHAN GCON, GCFR REPEALS THE NIGERIAN ACCOUNTING STANDARDS BOARD ACT NO. 22, 2003 AND ENACT THE FINANCIAL REPORTING COUNCIL OF NIGERIA ACT, 2011.

HERE UNDER ARE THE BENEFITS OF THE FINANCIAL REPORTING COUNCIL ACT, 2011 AS EXPLAINED BY THE HONOURABLE MINISTER, Federal Ministry of Trade & Investment, DR. OLUSEGUN AGANGA, at a Workshop on Attracting Investments into Nigeria” held at Transcorp Hilton Hotel, Abuja, July 20th 2011.

It is with all sense of commitment and duty that I welcome you all to this seminar put together as part of efforts aimed at aligning the objectives of my ministry and parastatals with the agenda of this administration. It is also aimed at preparing relevant stakeholders on the wider implications of the focus of the newly created Ministry of Trade and Investment.
It is worthy to note that the present administration is determined to restructure and reform the economy of Nigeria, create necessary macroeconomic and regulatory environment, as a way of attracting Foreign Direct Investment, and encourage ideas that can lead to the realisation of the full potentials of our national resources. I must say that Mr. President has already started taking steps to ensure that these objectives are realised.
You will recall that the Federal Executive Council, on 28th July, 2010, unveiled the Road Map for Nigeria’s adoption of International Financial Reporting Standards (IFRS) effective January 1, 2012 in order to enhance our national dedication to reliable financial information and audit quality assurance.
On assumption of office, as the Minister of Trade and Investment, I discovered that Mr. President has began to demonstrate his avowed move to promote cross border listing, harmonisation of regulatory capacities and consolidation of economic reforms by signing the Financial Reporting Council (FRC) Bill into law.

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