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Nigeria’s Slow Economic Development worries ICAN

By on November 26, 2012

As the World is going through a difficult phase of economic stability and checkered growth, owing to the events that have played out in the United States economy and the ‘Eurozone’ debt crisis pandemic that is threatening the integration of the EU members economically. Nigeria which supposedly has a positive economic rating has come under a serious searchlight.

The Apex group of accountants in the Nation the Institute for Chartered Accountants of Nigeria (ICAN) in its recent communique from its National conference has asserted that Nigeria has a lot of work to do on its economic framework if it is to stabilize in the midst of the global turmoil.

 It stated that if Nigeria does not deal squarely with the structural issues affecting  its  economy,its prospects of attaining the  status one of the leading economies in the globe by 2020 could be truncated as the current economic development strategies are at a slow pace than expected.

The Institution made a call for strong enduring frameworks that will guarantee and drive  economic transformation in the country instead of unnecessary concentration of power at the center that has promoted corruption, wastage and embezzlement of state resources.

Despite the positive ratings of International Financial rating agencies like Moodys, Standard and Poor and  Fitch ratings, ICAN stated that the time has come for proper policy initiative that will re-position the economy of the Nation.

It also harped on the importance of having viable Infrastructure like good road networks, well- equipped hospitals, effective water rehabilitation and supply, stable power supply which are key to boosting to boosting the economic development of the Nation.

The conference also called for paradigm shift in governance, with emphasis of values, accountability and transparency.

ICAN President Mr Joseph Owolabi several months ago said “In my view,good governance is the missing link. Good governance requires integrated processes that recognise important elements of a society and ensures that those elements function at optimum levels in order to ensure that they contribute maximally to Nation’s development”.

One Comment

  1. Manzo

    November 26, 2012 at 3:01 pm

    Uncle Go Slow………