Mohammed Shosanya
The Institute of Chartered Accountants of Nigeria [ICAN),has implored the Federal Government to fix the nation’s refineries and encourage private sector investment in the sector.
President of ICAN,Chief Davidson Chizuoke Alaribe,Diamond President of ICAN,gave the charge on Tuesday at the 54th Annual Accountants Conference [AAC] of the Institute of Chartered Accountants of Nigeria [ICAN] in Abuja.
He said: “I urge you to take decisive action in addressing critical economic challenges.The government must focus on fixing the nation’s refineries and, at the same time, encourage private sector investment in that sector.
“This will ensure an adequate supply of fuel at affordable prices, reducing our dependence on imports and creating stability in the energy market.”
Advocating the resuscitation of a National Airline through private sector participation, Alaribe expressed the need for the government to give greater encouragement and support to Small and Medium-sized Enterprises (SMEs), which is the backbone of any economy and hold the key to sustainable economic growth.
He emphasized the indispensablility of good governance in the nation’s quest for economic recovery and development.
He said: “We are also aware that the journey towards excellence is continuous and demands our relentless commitment.
“In this year’s theme, we are set to probe the theme ‘Governance Reimagined: Mapping the Future’. This is a visionary concept that seeks to transform the governance landscape in Nigeria.
“As it is strongly evident that effective governance is the cornerstone of strong institutions and a prosperous society.
“Given the intricate nature of our interconnected world, it is imperative to critically rethink conventional governance structures, reimagine models, and adopt innovative approaches to address emerging challenges.
“It has therefore become exigent that we prioritise institutional reforms, citizen engagement, technology-driven governance, economic diversification, and human capital development, to create a more resilient, equitable, and sustainable future for all.
“A report by World Bank, states that countries with strong governance frameworks have GDP growth rates that are 2.7 times higher than those with weak governance.
“Additionally, Transparency International reports that countries with higher governance standards have lower levels of corruption and higher levels of public trust.
“The 2023 Global Risks Report by the World Economic Forum highlights that over 68% of global risk experts believe that governance failures are a top concern for the next decade.
“In Nigeria, governance remains both a challenge and an opportunity. The Nigeria Governance Index reveals that although progress has been made, substantial work is still needed to enhance the economic growth of Nigeria.
“For instance, at the end of Q2, 2024, The Nigeria’s Unemployment Rate is 4.0%, this rate is based on the number of people actively looking for job as a percentage of the labour force, emphasising the need for more job creation through good governance.
“The theme of this Conference – Governance Reimagined: Mapping the future and the plenaries, is aimed at exploring issues such as Economic Reforms, Social Contract and Nation Building, Human Capital Development, Agribusiness and Value Chain, Export Business among other sub-themes that are all geared towards creating opportunities and charting a part for building a boisterous and formidable economy.”
He also urged the Federal Government to revisit the current exchange rate determination process, adding that “A thorough review will help establish a true value for our Naira, which is essential for strengthening our currency, boosting investor confidence, and enhancing the overall economic stability of our nation.”
Alaribe also advised Nigerians to change their orientation towards the consumption of foreign goods and reassess what he described as “our borrowed culture.”
“Distinguished leaders, it is imperative that we, as a nation, begin to change our orientation and reassess our borrowed culture.
“We must embrace what we produce and export to the global market such as our shoes, clothes, and other local products rather than continuing the misconception that foreign goods define social class.
“It is disheartening that Nigerians are often advised to rearrange their excess luggage at foreign airports, a consequence of over-reliance on imported goods, which places undue pressure on the Naira.
“We need to teach our children to value and consume Nigerian and African foods, which will reduce the importation of foreign baby foods and foster economic resilience.”
He urged the delegates to develop a comprehensive framework to address governance challenges and pave the way for Nigeria’s exponential growth.
He said:”This prestigious gathering offers us not only an opportunity to reflect on the challenges that lie ahead but also a platform to envision innovative strategies that will redefine governance for the future.
“The resolutions and outcomes of past conferences have influenced the political and economic landscape of Nigeria and beyond.
“And this year, we look forward to once again charting a course that strengthens our governance systems, enhances the role of accountancy, and contributes to the broader progress of our nation.”
