ICAN Charts New Path To Economic Revitalisation

The Institute of Chartered Accountants of Nigeria (ICAN) has reaffirmed its commitment to revitalising Nigeria’s economy through policy advisory support, youth engagement and sustainable development initiatives.

The president of ICAN, Malam Haruna Yahaya, disclosed this on Thursday in Lagos at the institute’s 20th Western Zonal Conference.

Stakeholders at the event deliberated on strategies to accelerate economic growth in line with the federal government’s renewed agenda.

The theme of the conference is “Revitalising the Nigerian Economy for Sustainable Development: Accelerating New Frontiers”.

Yahaya said ICAN had consistently provided advisory support to governments at all levels across key physical and economic sectors capable of driving development and improving citizens’ welfare.

He noted that since the advent of the current administration, the institute had intensified efforts to ensure that the dividends of democracy reached the general public.

According to him, the conference set up a committee mandated to develop implementable recommendations for federal and sub-national governments aimed at revitalising the economy for sustainable growth.

“The Nigerian economy is largely driven by government spending and budgeting, so this conference will produce practical recommendations to support sustainable economic development,” Yahaya said.

The ICAN president said one of the institute’s 10-point agenda prioritised engagement and retention of Generation Z through structured professional development programmes.

He explained that the initiatives were designed to reduce unemployment, insecurity and social challenges by positively engaging youths, adding that enrolment for ICAN examinations and student membership had increased.

Yahaya urged Nigerians, particularly young people, to key into ICAN’s programmes, stressing that youth empowerment remained critical to national development.

The special adviser to the President on Finance and Economy, Sanyade Okoli, delivered a lecture titled “Revitalising the Nigerian Economy for Sustainable Development: Accelerating New Frontiers”.

Okoli outlined ongoing economic reforms and efforts to ensure their benefits were felt by ordinary Nigerians across sectors of the economy.

She said the reform process had shifted from issuing directives to implementing transparent systems that ensured real impact at the individual level.

Okoli explained that sustainable development could not be achieved on a foundation of economic distortions, stressing the need for inclusive growth.

She highlighted rising investor confidence and sectoral progress, including Nigeria’s music industry, which she said was projecting the country positively on the global stage.

The adviser stressed the importance of economic diversification, infrastructure expansion and power sector improvements to boost business activities and commerce.

“There is a lot of growth. It is incredible,” she said.

Also speaking, the managing director and chief executive officer of Gab and Nuella Concept Ltd., Veronica Folorunso, presented a paper titled “Leveraging Local Resources and Innovations for Development”.

Folorunso said leveraging local resources and innovations was essential for achieving sustainable and inclusive development through collaboration between public and private sector actors.

She explained that while the public sector provided an enabling environment, the private sector contributed efficiency, capital and market access.

“When both sectors collaborate and prioritise local communities, development becomes more resilient, equitable and self-sustaining,” Folorunso said.

She stressed that harnessing existing local innovations remained strategic for long-term national and regional economic growth.

The chairman of ICAN Western Zone, Ganiyu Semiu, said he was delighted to preside over the conference attended by chartered accountants from the Western states and beyond.

Semiu said the conference theme was chosen to prepare members for Nigeria’s ongoing transformation and recent laws guiding professional practice.

According to him, ICAN is strengthening members’ skills and capacity to enable them play leading roles in driving national economic development across public and private sectors.