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Nigerian firms comply to integrate with global economy

11 June 2015, 15:14 Okoro Chinedu

Lagos - Interest in enterprise business applications is increasing in Nigeria owing to growing foreign investor interest in the country.

This is according to Sage, the international business management, bookkeeping and accounting software, which suggests this is also the outcome of the government’s focus promoting sound corporate governance and enforcing regulatory compliance.

“Nigeria is becoming an increasingly important player on the global economic stage, and one consequence of that is we are seeing a bigger focus on compliance,” said Magnus Nmonwu, Regional Director for Sage West Africa.

Nmonwu said Nigeria’s government and tax authorities are taking a tougher line on compliance than ever before. At the same time, Nigerian companies are finding themselves under pressure to improve financial reporting and corporate governance to address the demands of multinational business partners, investors, and customers.

 “Government understands that a stable regulatory compliance framework is essential to attracting business investment and growing the economy, and there is also a concerted focus on growing the tax base. The consequence for enterprises is that they need to pay more attention than ever to getting their reporting standards, governance, and risk management up to international requirements. This is one factor behind the rapid growth in demand for Enterprise Resource Planning (ERP) solutions in Nigeria, across all sectors of business.”

Also Read: ATMs most preferred transaction medium for Nigerians

One of the most important recent developments, he said, was the adoption of International Financial Reporting Standards (IFRS) in Nigeria.

IFRS is a set of accounting standards that guide recognition, measurement and disclosure of business transactions in the financial statements.

It is important for Nigeria because it makes global comparison of financial statements for companies easier while ensuring transparency, reliable disclosure and a better quality of financial reporting, all of which give investors more confidence in the companies in which they are planning to invest.

“We’re seeing many international companies looking to invest in Nigeria, and they want a clear view of the financial health of the companies they are evaluating as possible partners, customers or investors. They want to see financials reported using global standards. IFRS has already done a great deal to improve investor confidence in Nigeria,” said Nmonmwu.

- CAJ News


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