ICAN Outlines Key Measures FG Must Implement To Revive Economy

The Institute of Chartered Accountants of Nigeria (ICAN) has urged the Federal Government to take decisive steps in tackling the major economic challenges facing 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.

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.”