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LCCI urges accountants to change Nigeria’s worsening socio-economic crisis

Muda Yusuf, Director-General of the Lagos Chamber of Commerce and Industry (LCCI) acknowledges that accountants have a role to play to turn around Nigeria’s worsening socio-economic crisis.

Yusuf, who addressed the first plenary session of the 15th Western Zonal Accountants’ Conference of ICAN (Mowe 2021), at the RCCG Youth centre, Ogun State noted that the lingering COVID-19 pandemic has caused lots of disruptions including to economic and social life world over.

He noted at the two-day conference that, “The pandemic crashed the global financial market including crude oil prices, the forex market and especially the SMEs had rippled effects on the economy.”

Specifically, he said, most countries badly impacted by the effect of COVID-19 are countries like Nigeria which had very unfavourable economic conditions before the advent of the pandemic.

“Many sectors were impacted in different ways. Most businesses were crippled. The impact on the SMEs was huge. The manufacturing sector, aviation business were all impacted. In this midst of this whole thing the economy slipped into recession in Q3,” he recalled.

The LCCI boss, who noted that Nigeria was able to exit recession in Q4 against all prediction, shows that things may be gradually looking up for the country and it was the duty of accountants to ensure they continue to advise on best strategy and good governance whether in the public or organised private sectors.

Read Also: LCCI calls for improved security measures as food inflation hits record high

To maintain the growth trajectory in 2021, Yusuf said key policy decisions like the easing of the forex with the Diaspora remittances, reduction of the interest rate among other measures, should be encouraged.

While declaring the even open, Pastor Enoch A. Adeboye, Spiritual Missioner/General Overseer of the Redeem Christian Church of God (RCCG) noted that Nigeria’s lingering socioeconomic woes compounded by the COVID-19 pandemic can be addressed by the members of the accounting profession.

While speaking on the theme of the conference, tagged: ‘Disruptive Economy: Implications for the Accounting Profession,’ Adeboye, who was represented by Pastor Funso Johnson Odesola, Assistant General Overseer, Personnel and Admin, said God has deposited in the accountants’ special gifts that can benefit others. “You’re born a star and you must shine. Arise and shine because your light has come.

You’re a voice and not an echo. Therefore, you must be a contributor and be remembered for the impact you’re going to make. You’re created to be among the best.

“I urge you to bring the communiqué of this programme to the relevant authorities for onward implementation,” Adeboye stressed.

In her keynote address, ICAN President, Onome Joy Adewuyi, said it was heartening to note that ICAN members are defying challenges imposed by COVID-19 by continued capacity building and value mandate to the economy.

She said that the theme of the conference is another evidence that as the global economy is being disruptive, we are proactively responding to the emerging new world.

According to the ICAN boss, “As the services of Chartered Accountants go to the heart of the economy, whatever impacts the noble profession usually has ripple effects on every aspect of the economy.”

While recalling the impacts of the global recession in time past, she said as “Chartered accountants we have resolved to proactively address areas of high and potential risk, to ensure that such negative incidents are reduced to zero. This is part of why all around the world, there is an increased focus on the theme of the conference.

“A proper and well-structured accounting framework is the only solution for effective decision-making processes, for investors and all interested parties, to be assured that their investments are safe and for economic growth.”

“Disruptions in the economy could also impact the method adopted in providing advisory services by chartered accountants. To be relevant, accountants will need to keep pace and embrace the changing dynamics linked to disruptive technology.

Meanwhile, the Conference Chairman, and Conference Host, Olusola Dada and Nyankno Oluokun said the disruption caused by COVID-19 presents opportunities for accountants to build their skill sets in order to be able to adapt to the changing world of work.

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