The 8th edition of the MFP Group (Multidisciplinary Finance Professionals) Free Lecture Series was recently held virtually on the topic “Transforming the Nigerian Public Sector Financial Management: Embracing Digitalization to Enhance Development.” The lecture was presented by Princess Temidayo Olajumoke Olowolayemo, FCA, Director of Public Service, Ondo State. The lecture series aims to build the capacity of professional accountants and other members of the public. This edition was the last for 2024 and was powered by MFP Global Services in conjunction with MFP Group.
Over 83 participants attended the virtual program, including the MFP Group leader, President/CEO of MFP Global Services, and Chief Host, Dr. Prince Oyebade Oyedepo, FCA, who is also a board member of the Oyo State Anti-Corruption Agency (OYACA). Other notable attendees included the Chairman of the session, Mr. Olutoyin Adepate, FCA, OON, former Registrar/Chief Executive of ICAN, MFP Global Services Board members, members of MFP Group, and captains of industries. The event also saw the participation of past and present council members of ICAN and the Chartered Institute of Taxation of Nigeria (CITN), as well as some district society executive members. The session was live-streamed via YouTube on MFP Group Nigeria.
Dr. Prince Oyebade Oyedepo welcomed all participants and emphasized the economic challenges facing Nigeria. He pointed out critical sectors such as energy, transport, industrial, petroleum, and banking that have not experienced significant growth. He highlighted the issues of insecurity, rising cost of living, declining standard of living, external borrowing, poor education funding, and the depreciating value of the naira. He urged the government to be proactive in addressing these concerns, reviewing policies before implementation to avoid failures and inconsistencies. He further emphasized the role of professionals in supporting the government and offering solutions to economic challenges.
Mr. Olutoyin Adepate, FCA, in his remarks, stressed that the public sector is the engine of development, and its performance directly impacts the nation. Guest speaker Princess Temidayo Olajumoke Olowolayemo, FCA, critically examined the current landscape of financial management in Nigeria, identifying inefficiency, corruption, inadequate data management, and limited access to information as major challenges. She highlighted the potential of digital technologies in improving efficiency, transparency, and accountability in financial governance. She advocated for the adoption of Integrated Financial Management Information Systems (IFMIS), e-payment systems, and data analytics platforms.
Despite the benefits of digitalization, she acknowledged challenges such as resistance to change, inadequate infrastructure, poor internet access, unreliable power supply, and cybersecurity threats. To address these issues, she recommended increased investment in digital infrastructure, capacity development programs for public sector employees, public-private partnerships for scalable digital solutions, comprehensive policy frameworks for digitalization, and active stakeholder engagements to promote transparency and accountability.
She concluded that adopting digital tools and strategies would lead to a more transparent, efficient, and accountable financial management system, ultimately benefiting all Nigerians. The lecture series ended with discussions on actionable steps to drive digitalization in public sector financial management.
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