ICAN lists critical actions Nigerian govt must take to restore economy

The Institute of Chartered Accountants of Nigeria (ICAN), has called on the Federal Government to take decisive action in addressing critical economic challenges bedevilling the country.

Some of the decisive actions canvassed by the association include fixing the nation’s refineries and, at the same time, encouraging private sector investment in that sector; review of the process of determination the foreign exchange rate in the country in order to establish the true value of the Naira amongst others,

ICAN President, Chief Davidson Alaribe made this call in his address at the 2024 Annual Conference of the Institute at Abuja themed – “Governance Reimagined: Mapping the Future and the Plenaries

He stressed that it was time for concrete actions to revive the nation’s economy.

Hear him, “I urge you to take decisive action in addressing critical economic challenges. The government must focus on fixing the nation’s refineries and, at the same time, encourage private sector investment in that sector.

“This will ensure an adequate supply of fuel at affordable prices, reducing our dependence on imports and creating stability in the energy market.

READ ALSO: We export 97% of diesel, jet fuel as local marketers don’t patronize us —Dangote refinery

On the issue of FX reforms, the ICAN President also called for a review of the process of determining the foreign exchange rate in the country in order to establish the true value of the Naira.

“There is a pressing need to revisit the current exchange rate determination process.

“A thorough review will help establish a true value for our Naira, which is essential for strengthening our currency, boosting investor confidence, and enhancing the overall economic stability of our nation,” he said.

In addition, Chief Alaribe also called for the establishment of a National Economic Recovery Committee to help return the economy to a growth level that would positively impact ordinary Nigerians.

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

“This committee should analyze the current state of the economy and provide actionable recommendations for improvement, with the assurance that its report will receive prompt consideration and implementation.”

By: Babajide Okeowo

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now