ICAN seeks economic recovery team as Nigerians’ living conditions worsen

The Institute of Chartered Accountants of Nigeria (ICAN) on Tuesday urged the Federal Government to quickly set up an economic recovery team, comprising government officials and Nigerians of all spheres of life.

This recommendation was made through Davidson Alaribe, ICAN president, at the official opening of the 54th Annual Accountants’ Conference in Abuja.

Alaribe said this strategy will enable Nigerians make sincere contributions to the government’s efforts at steering the country out of present economic woes while ensuring that citizens own and support the strategy.

Recall that President Tinubu in March named a 31-member Presidential Economic Coordination Council (PECC) comprising government officials, top private sector operators and consultants. The council which was later inaugurated in August has not sat for once, as BusinessDay understands.

Alaribe said the new team that the Institute was recommending had become necessary because the present economic policies of the government were not working.

“I urge the government to establish a National Economic Recovery Committee, comprising representatives of professional bodies, traders, religious and civil society organisations, the academia, students, traditional rulers, and private sector organisations.

“This committee should analyse the current state of the economy and provide actionable recommendations for improvement, with the assurance that its report will receive prompt consideration and implementation,” he said at the well-attended conference, with the theme, “Governance reimagined: Mapping the future”.

He also said that it was time for Nigerians to begin to change their orientation and reassess the consumption patterns which discourages patronising locally made products.

“We must embrace what we produce and export to the global market such as our shoes, clothes, and other local products rather than continuing the misconception that foreign goods define social class,” he noted, adding that such attitude exports possible jobs and puts pressure on the naira.

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Speaking on the theme of the conference, the ICAN president described effective governance as the cornerstone of strong institutions and a prosperous society.

He said it was imperative to critically rethink conventional governance structures, reimagine models, and adopt innovative approaches to address emerging challenges, including institutional reforms, citizen engagement, technology-driven governance, economic diversification, and human capital development.

Speaking further, he cited a World Bank report which notes that countries with strong governance frameworks have GDP growth rates 2.7 times higher than the weak ones.

Additionally, Transparency International reports that countries with higher governance standards have lower levels of corruption and higher levels of public trust.

The 2023 Global Risks Report by the World Economic Forum highlights that over 68 percent of global risk experts believe that governance failures are a top concern for the next decade.

Alaribe also highlighted that governance remains both a challenge and an opportunity in Nigeria and that although progress has been made, substantial work is still needed to enhance economic growth.

He urged the government to take decisive action in addressing critical economic challenges, with a main focus on fixing the nation’s refineries and encouraging private sector investment in the oil and gas sector.

He said there was a pressing need to revisit the current exchange rate determination process, as a thorough review will help establish naira’s true value.

“The public sector must be service-oriented and accountable, guided by clear Key Performance Indicators, ensuring that public resources deliver real value to the people.

“The private sector, in partnership with the government, must innovate and invest in key areas of our economy to boost productivity and foster sustainable growth,” he added.

He further urged the government to facilitate the establishment of a National Airline through private sector participation, as well we boost the Small and Medium-sized Enterprises (SMEs).