Nigeria’s economic situation precarious — ICAN President

President, Institute of Chartered Accountants of Nigeria (ICAN), Dr. Innocent Okwuosa, has described the economic situation in Nigeria as precarious with unemployment, inflationary pressures and infrastructure deficit resulting in rising food prices and transportation cost. 

Innocent said this at the 11th International Conference of ICAN UK & District Society with the Theme: Cross Border Integration for Economic Resilience.

According to him, an element of what Nigeria needs today for its economy and economic resilience is an ‘economic hand’ raised by Nigeria across its borders to its diaspora citizens and international community. 

He stated that, as an example, Cross Border integration for Economic Resilience gave birth to the new African Free Continental Trade Area (AFCTA) agreement. 

Okwuosa explained that the agreement aims to create a single market for goods and services in the entire Africa, facilitate the free movement of people and spur economic growth and development across the continent. 

The President noted that while they recognise the power of cross border integration for economic resilience, they do not underestimate the power of accountability and transparency in the management of public finance.  

The President emphasized that there has to be better accountability and transparency in the management of public funds that accrues from cross border integration if Africa is to make economic progress 

“The economic situation in Nigeria can be described as precarious with unemployment, rising food prices, transportation cost, rising dollar, lack of infrastructure, hunger and poverty. 

“If there is anything we need today in Nigeria is a good economy. It is economic resilience. It is an economic hand raised by Nigeria across its borders to its diaspora citizens and international community. It has to be cross border. 

“Cross Border integration for Economic Resilience gave birth to the new African Free Continental Trade Area (AFCTA) agreement. 

“The Agreement aims to create a single market for goods and services in the entire Africa, facilitate the free movement of people and spur economic growth and development across the continent. 

“While we recognise the power of cross border integration for economic resilience, we do not underestimate the power of accountability and transparency in the management of public finance. 

“There has to be better accountability and transparency in the management of public funds that accrue from cross border integration if Africa is to make economic progress,” he said. 

While opening the conference, the Conference Chairman, Mr Dokun Omiyale, welcomed delegates to the 11th International Accountants’ Conference and invited them to take advantage of the networking opportunities that will be available and encouraged participants to make the conference an interactive one.

He said the conference theme “Cross Border Integration for Economic Resilience” was contemporary and looked forward to invited speakers deliberating upon the theme from their respective areas of expertise and delegates bringing rigour to the discussion. He intimated that a team of rapporteurs was also in place to summarise and bring highlights of deliberations at the end of each day’s session.

In his opening remarks, The District Chairman, Mr Ily Maisanda, said the conference theme reflects the trend where nations realise they cannot do it alone and because every nation has its comparative advantage, alliances act as strong catalysts to foster sustainability in economic, political and social terms.

According to him, the international conference is yet another milestone in the excellence that has been demonstrated in their district over the years even through thick and thin. 

He explained that they have shown resilience and cohesion, reaching out to subregion and across borders to ensure the growth and sustainability of the foremost Diaspora District. 

Mr Maisanda, therefore, appreciated the distinguished speakers, members of the conference committee, sponsors, colleagues from other professional bodies, ICAN members and other invited guests. 

He welcomed the new inductees, conferees, and special candidates, trusting their skills, and wealth of experience will be highly valuable to the district. 

Others in attendance were Special Adviser to President Bola Tinubu on Economic Matters, Tope Fasua; The Group Managing Director, Halden McCall, Dr. Edward Akinlade; The Chairman, Cornfield Group of Companies, Dr. Babatope Agbeyo and so many others