The Institute of Chartered Accountants of Nigeria (ICAN) has called on the Federal Government to ensure that the right economic environment is made available in the country to attract foreign direct investment.
Innocent Okwuosa, the President of ICAN, made this call during a recent presidential media chat in Lagos, emphasising the necessity for a conducive economic environment in Nigeria to draw foreign direct investment.
He cited President Bola Tinubu’s initiatives aimed at revitalising the country’s struggling economy as the basis for this appeal.
He said, “We need to have the right socio-political economic environment before we can attract foreign direct investment. FDI is tied to capital flows across borders. What we know is that capital will flow to the environment where it earns the highest interest and is safe.
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“If the environment is not safe for investment, no matter the effort we make for investment, the desired capital won’t flow. So, if we look at the issues we have in the country—infrastructural decay and policy inconsistency—. We need to look at an issue that sustains investment: human capital to operate some of the investment that is attracted into the country.”
The ICAN leader praised Tinubu’s appointment of professional accountants in key cabinet roles and urged further action, emphasising that these experts possess the essential training and skills to enhance accountability and transparency, meeting the desires of Nigerians.
Okwuosa said, “We asked President Tinubu to populate his cabinet with professional accountants because of the quest by the citizens since the inception of democracy for accountability and transparency.
“Professional accountants can help the government instill accountability and transparency in governance. That is what will ensure the dividend of democracy flows to the populace.
“If we neglect accountants, democracy suffers. The right to demand accountability and transparency is the right of citizens in a democratic setting. The accountants provide information that helps the government promote accountability.”
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The ICAN president commended the president for appointing professional accountants to key positions in the cabinet, citing instances where accountants lead crucial departments like fiscal reform, the Federal Inland Revenue Service, the Financial Reporting Council, the Ministry of Mines development, and as the Accountant-General of the federation.
Emphasising the value of accountants in governance, he highlighted the role they play in providing informed oversight and enabling citizens to hold government accountable.
He advocated for the continued integration of accountants into governmental cabinets.
Professional accountants can help governments instill accountability and transparency in their governance. That is what will ensure the dividend of democracy flows to the populace.
“If we neglect accountants, democracy suffers. The right to demand accountability and transparency is the right of citizens in a democratic setting. The accountants provide information that helps the government promote accountability.”
The ICAN president added, “We will acknowledge that the president has done well in putting professional accountants in strategic positions in his cabinet. An accountant heads the ongoing fiscal reform, an accountant heads the Federal Inland Revenue Service, an accountant heads the Financial Reporting Council, a chartered accountant also heads the Ministry of Mines development, and the Accountant-General of the federation is an accountant.
“The more accountants we have, the more informed instruction we have about governance in the country, the more we can provide information to enable citizens to hold government and those who have been entrusted with power to account. So, there is no end to populating accountants in the cabinet of any government.”
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