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ICAN advocates strengthening of Nigeria’s economic policy

By on August 1, 2014

imageMr. Chidi Ajaegbu, the fiftieth President of the Institute of Chartered Accountants of Nigeria (ICAN), has advocated for the strengthening of the country’s economic policy.

Ajaegbu, who made the call at the Ninth Annual Eastern District’s Accountants’ conference of ICAN in Awka on Thursday, said it will enhance the growth of Small and Medium Enterprises (SMEs).

According to him, there is need for consistency in economic policy and transparency in its application.

The president noted that the lack of collateral, bankable financials, integrity and cultural issues were some of the challenges affecting the growth SMEs in the country.

“The growth rate of SMEs in the country is epileptic where they are supposed to drive the economic growth and development of the country.

“There is the need for banks to lower their credit standards in terms of collateral. If we are able to give credits to these SMEs without bureaucracy, there is the possibility that the rate of growth will increase,” he said.

The theme of the conference was “Micro Financing and Economic Empowerment.”

In a remark, Anambra Commissioner for Industry, Trade and Commerce, Mr Ifeatu Onejeme, said that the state government had initiated programmes aimed at growing the SMEs in the state.

According to him, the state government had commenced massive mechanised agricultural production for food sufficiency as well as creation of employment for the teeming youths.

“There is currently a youth enumeration programmes in the 21 local council area of the state to identify unemployed youths.

“Government hopes to support the youth through cooperative societies with farm inputs, seeds and seedlings to further create massive employment for them.

In a lecture, Prof. Obiora Ike of Godfrey Okoye University, Enugu, said majority of the citizenry do not have access to resources and to capital to start-off small businesses.

“These citizens have skills, talents, education, good health and ability to work, but they have no access to capital, jobs and start-up grants,” he said.