The Institute of Chartered Accountants of Nigeria (ICAN) on Thursday stressed the need to address hyperinflationary pressures, brain drain and other macroeconomic challenges plaguing the country.
Mallam Tijjani Isa, President of ICAN, said this at a press conference to mark the annual International Accounting Day 2022.
Isa said the advice had become imperative as economies around the world faced tough times.
He pointed out that global challenges have intensified with events such as the war between Russia and Ukraine, climate change, rising consumer prices, contractions in Gross Domestic Product (GDP), trade wars, political tensions, among others. others.
Isa said that, at the country level, various socioeconomic imbalances were hitting citizens hard, with inflation at its highest level in 17 years amid declining purchasing power of citizens.
“In order to successfully tackle the problems of inflation, Nigeria needs to take both short-term and long-term measures,” he said.
The president of ICAN highlighted the need to revitalize the textile and agricultural sectors with modern technology and adequate prices to meet the country’s textile and food demand, and also for export purposes.
Addressing plans to redesign part of the country’s currency, Isa tasked the Central Bank of Nigeria (CBN) to consider the views of various stakeholders.
This, he explained, would ensure that critical issues such as the cost of designing and printing the new banknotes, the timing of the policy, the likely impact of the policy on inflation and exchange rates were successfully addressed.
He highlighted the need to find a permanent solution to the currency crisis so that the country develops at the desired pace.
On the brain drain, he noted that while the phenomenon is not unique to Nigeria, deliberate steps must be taken to stem the tide.
“Unfortunately, the quality of our certification makes our members more desirable for jobs off our shores.
“The weak socioeconomic environment of our beloved nation has not made it any easier to persuade our local talent to stay.
“Therefore, we encourage the managers of our economy to create a conducive business and regulatory environment that arouses the interest of professionals to stay behind to build our nation,” he said.
According to him, ICAN is doing its part in developing the entrepreneurial skills of its members.
“However, a favorable environment is required for professionals to unfold their full potential in job creation and generation,” he said.
LR: Dr. Adedeji Awobotu, ICAN Council Member; Mr. Mukaila Lawal, Deputy Secretary, Corporate Services, ICAN; Mallam Tijjani Musa Isa, President of ICAN; Chief Davidson Alaribe, 1st Deputy Vice President, ICAN; Ms. Njum Nnennaya Uma-Onyemenam, ICAN Council Member and Dr. Ijeoma Anaso, Deputy Registrar, Technical Services, ICAN During a health walk to mark International Accounting Day celebration
Addressing the International Accounting Day event, Isa emphasized the need for accountants to take regular walks and eat healthy to tackle some health challenges.
This, he said, would allow them to continue their unique roles in the national and global economy.
“The profession has evolved since 1494 and accountants are globally recognized for the great work they do to make businesses prosper, support the economy and help people navigate the complexities of the office.
“Accountants are the conscience of society and with this unique responsibility, we lead the entrenchment of responsible governance in the public and private sectors.
“We defend an effective civil servant management system, as well as the best practices in corporate governance, we provide indispensable advisory functions to economic actors and invaluable information to guide investors.
“In fact, our expertise is critical to achieving a prosperous and secure planet,” he said.
He stressed the need for early adoption of the International Sustainability Reporting Standards to unlock the flow of capital into Nigeria for an effective transition to a sustainability-based economy.
This, he said, was in tune with resolutions made at the 52nd Annual Conference of Accountants that public sector entities should include sustainability activities in their reporting as solutions to the human challenges of poverty, official inclusion, inequality and climate change.
He stated that the institute was positioned to ensure that the required competencies in this regard were developed.
Source Credit: NAN