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Robust financial sector crucial to economic growth –ACCA

By on August 2, 2014

The Association of Chartered Certified Accountants, the global body for professional accountants, has said that a robust, transparent and reliable financial sector is crucial to economic growth.

It also emphasised the role of professional accountants in building such a formidable financial sector.

The association, in a statement, however, stressed that situation presented both opportunities and challenges for its members.

The statement by ACCA Nigeria, the local arm of the association, maintained that the recent inclusion of Nigeria in the list of MINT (Malaysia, Indonesia Nigeria and Turkey) countries had highlighted the leading role the country was playing in the global economy.

According to the body, the economic growth being witnessed by the country has also increased the demand for accountants.

As a result, It said there were plans to enlighten key stakeholders of its role in moving the economy forward towards realising its potential.

The statement read, “Nigeria, along with Mexico, Indonesia and Turkey, forms part of a new acronym called MINT. This is the next big thing, according to the Goldman Sachs bank. The world is watching to see if the MINT countries will become as influential as their BRIC (Brazil, Russia India and China) predecessors.

It further read, “This highlights the increasing role that Nigeria is playing in the global economy. The potential is enormous, and a key foundation for success is a robust, transparent and reliable financial sector. This presents a huge opportunity and challenge for professional accountants in the country.

“Businesses moving to work more closely in Nigeria will benefit from the skills of the accountants trained by national bodies and from members of ACCA. Members of ACCA are all trained to the same high global level. They take exams of the same tough standards, based on International Financial Reporting Standards which means they are in demand from multinational businesses looking for employees with qualifications recognised around the world.

 

 

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