In a powerful address, President Bola Tinubu has issued a clarion call to Nigeria’s accounting professionals, urging them to become the vanguards of transparency and accountability. Speaking at the 55th Annual Accountants Conference of the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja, the President emphasized the critical role the profession plays in fostering economic resilience and driving national development. This significant gathering, themed “Building Resilience: Aligning Reforms for Nigeria’s Development,” underscored the nation’s commitment to navigating complex global challenges and strengthening its economic foundations.
Key Takeaways from the Conference:
- The urgent need for accountants to embed transparency and prudence in their practices.
- The strategic importance of resilience in absorbing economic shocks and emerging stronger.
- Calls for robust collaboration between government, industries, and professional bodies.
- Leveraging technology to enhance accounting practices and national development.
- Reinforcing ICAN’s role as a cornerstone of Nigeria’s socio-economic progress.
Accountants: The Architects of Economic Resilience
President Tinubu, represented by the Accountant General of the Federation, Mr. Shamsedeen Ogunjimi, highlighted that resilience is not merely a concept but a strategic necessity for Nigeria, especially amidst global disruptions. He posited that accountants are the custodians of trust and the architects of systems that either fortify or undermine economic stability. Their work is fundamental in engineering a Nigeria where resilience is a deliberate outcome, not a fortunate accident.
The President stressed that resilience requires sustainable practices that look beyond short-term gains. It’s about the capacity of individuals, institutions, and the nation to withstand challenges, adapt effectively, and ultimately, grow stronger. He specifically called upon the accounting fraternity to embrace the principles of sustainability, transparency, and prudence. This is not just about compliance; it’s about strategic imperative for public and corporate organizations to instill fiscal discipline and accountability.
Forging a Path to National Development
The annual conference served as a vital platform for ICAN members to reaffirm their dedication to professionalism, innovation, and leadership. President Tinubu lauded ICAN as more than just a professional body, calling it a pillar of Nigeria’s socio-economic development, deeply woven into the nation’s developmental fabric.
Actionable insights were demanded on how the accounting profession can harness emerging technologies, navigate evolving regulatory landscapes, and champion best practices that align with national development priorities. The administration’s commitment to building functional institutions and driving impactful reforms for inclusive and sustainable development was reiterated. This includes economic diversification, human capital development, social protection, infrastructure, and private sector growth.
Aligning Reforms for a Brighter Future
The President outlined key areas of reform aimed at transforming the economy and improving citizens’ lives. These reforms focus on:
- Encouraging entrepreneurship and innovation.
- Promoting transparency and accountability in all sectors.
- Ensuring prudent management of public finances and resources.
- Enhancing security and stability across the nation.
- Creating a safe and secure environment for businesses and citizens alike.
Accountants are on the frontlines of embedding sustainability into Nigeria’s economic landscape. Their role in financial oversight, compliance enforcement, and policy advisory services is crucial for ensuring that every financial transaction is accounted for and that public financial management processes are robust and transparent. This meticulous approach is vital for reducing poverty, expanding economic opportunities, and fostering social justice. It’s quite important to get this right.
ICAN’s Enduring Legacy and Future Outlook
The President of ICAN, Mallam Haruna Nma Yahaya, in his welcome address, described the conference as more than a mere assembly; it is a crucial gathering to strengthen Nigeria’s foundations, enabling it to face economic reforms, inflation, and uncertainty with resolve. For 60 years, ICAN has been instrumental in shaping Nigeria’s economic narrative by setting standards, reinforcing institutions, and mentoring professionals.
Mallam Yahaya emphasized that the conference theme speaks to an urgent national mandate. As Africa’s largest economy and most populous nation, Nigeria faces rapid demographic and socio-economic shifts. He stressed that potential only translates to progress through stronger institutions and effective execution. This week’s deliberations aimed to identify and dismantle the structural impediments hindering Nigeria’s progress, with the goal of revitalizing the nation’s greatness.
The vision is clear: by combining courage with support, discipline with data-driven decisions, and reforms with tangible results, Nigeria can achieve a positive trajectory, impacting not only the nation but also Africa and the global economy. The government stands ready to support ICAN through the Office of the Accountant-General of the Federation to ensure these crucial objectives are met.
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