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  • Saturday, June 22, 2024
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BusinessDay

Expert calls for public, private collaboration to accelerate financial sector growth

Oluwaseun Adebola, a tax and financial expert has called for increased public and private partnerships to unlock the immense growth potential of the country’s financial industry.

On the back of over a decade of steering clients’ digital transformation and bolstering compliance standards, Adebola insists government intervention is indispensable for future advancement.

“By regularly amending legislation to enable innovation, incentivizing technology adoption, and upskilling talent, the government can nurture an agile, globally integrated financial industry,” stated Adebola during a recent interview.

Read also: Electronic transfer boom sparks N40bn tax windfall

She suggests public-private collaboration in crafting a clear yet flexible regulatory environment that balances oversight with space for trailblazing solutions in banking, insurance, auditing and beyond.

Updating archaic statutes and communicating policy changes also ranked among her top recommendations.

Additionally, Adebola advocates for governmental initiatives to accelerate the integration of breakthrough technologies like AI and cloud computing across Nigeria’s financial sector.

She points to successes from her consulting experience, which leverages leading audit software to drive transparency and efficiency gains for clientele.

However, she cautions that absent public awareness and enabling infrastructure, progress could exclude large segments of the population. “Joint advancement of financial literacy and access can ensure broadly shared prosperity amidst the fourth industrial revolution,” Adebola noted.

The expert reiterated that synchronised public-private efforts to regulate, upskill and invest alongside practitioners like herself must remain a key priority.

“With collaboration and strategic vision, Nigeria’s financial sector can soon rival those of the most advanced economies,” Adebola added.

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