ICAN offers explanations for Nigeria’s stunted economy

Oct 03, 2018

The Institute of Chartered Accountants of Nigeria (ICAN) has revealed that the nation’s stunted economic development was attributable to unhealthy politics, poor leadership and the tussle for resources distribution at all levels of government.

ICAN President, Alhaji Razak Jaiyeola, made this revelation while speaking at the 48th Annual Conference of the institute in Abuja on Tuesday.

According to Jaiyeola, the country was yet to leverage the enormous resources which it had been endowed with to accelerate its growth.

“I will not be saying anything new if I assert that Nigeria is a great, blessed and richly endowed nation with abundant human and natural resources. What may be new is that the unhealthy politics of governance, poor leadership and tussle for resource distribution at all levels have stunted, rather than accelerated, the nation’s pace of social and economic development.

“We have not, as a people, leveraged the opportunity of our endowment to advance the cause of the nation and its people. Individual will, rather than the common good, has tended to be the driving force in politics in the last 58 years. No nation prospers under such a scenario,” Jaiyeola said.

He noted that the country’s environment was facing great degradation, impaired ecosystem, air, water and noise pollution owing to the exploration and mining of the nation’s wasting natural resources.

He said the activities were making it difficult for the environment to play its triple functions of food provider, waste assimilator and life sustainer for the present and future generations.

Also speaking, President Muhammadu Buhari said it is a collective task to build the nation, adding that while the accountants’ role remained critical in the fight against corruption, every citizen had a role to play in the fight against insecurity.

In his address, President Muhammadu Buhari said accountants had a critical role in his administration’s fight against corruption.

The President, who was represented by the Minister of Budget and National Planning, Senator Udo Udoma, stated, “Let me first say that with regard to fighting corruption, you have a special contribution to make as accountants in this regard. Your members serving as accountants and auditors can bring to bear your special skills in ensuring that books and records are properly kept.

“Working closely with the statutory agencies responsible for fighting corruption, ICAN will no doubt assist the government in its effort at fighting this national malaise.”

Also speaking at the event, the President of the International Federation of Accountants (IFAC), Rachel Grimes, said trust crisis, in which citizens had lost faith in governing institutions, had been identified across the world.

She added that it was against the backdrop that IFAC developed a strategic plan titled ‘Build Trust; Inspire Confidence’ for 2019 – 2020.


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