The Institute of Chartered Accountants of Nigeria has attributed the country’s stunted economic development to unhealthy politics, poor leadership and the tussle for resources distribution at all levels of government.
Speaking at the 48th Annual Conference of the institute in Abuja on Tuesday, the President, ICAN, Alhaji Razak Jaiyeola, said Nigeria had not been able to harness the enormous resources, which it had been endowed with.
He stated, “I will not be saying anything new if I assert that Nigeria is a great, blessed and richly endowed nation with abundant human and natural resources. What may be new is that the unhealthy politics of governance, poor leadership and tussle for resource distribution at all levels have stunted, rather than accelerated, the nation’s pace of social and economic development.
“We have not, as a people, leveraged the opportunity of our endowment to advance the cause of the nation and its people. Individual will, rather than the common good, has tended to be the driving force in politics in the last 58 years. No nation prospers under such a scenario.
“Since the nature of politics defines the pace of economic development, it is not a surprise that we are where we are on the global development ladder. Nigeria is currently 157th out of 189 countries sampled in 2017 by the United Nations Development Programme for human development index.”
Jaiyeola added, “The repatriation of young educated Nigerians from landlocked, less endowed African countries and rescue of many others from the horrors of the Mediterranean Sea exemplify the pain, tragedy and distrust in public governance, however, well intentioned.”
“Even in the pursuit of profit, the welfare of the people is sacrificed by corporate entities. Due to untamed, poorly controlled and unethical mining practices, the exploitation of crude oil in Nigeria has led to the infamous Dutch Disease.”
He added that the exploration and mining of the nation’s wasting natural resources had cause great negative externalities, which manifested in environmental degradation, impaired ecosystem, air, water and noise pollution, thereby making it difficult for the environment to play its triple functions of food provider, waste assimilator and life sustainer for the present and future generations.
Speaking at the event, President Muhammadu Buhari, said accountants had a critical role in his administration’s fight against corruption.
The President, who was represented by the Minister of Budget and National Planning, Senator Udo Udoma, said every citizen had a role to play in the fight against insecurity.
Buhari stated, “Let me first say that with regard to fighting corruption, you have a special contribution to make as accountants in this regard. Your members serving as accountants and auditors can bring to bear your special skills in ensuring that books and records are properly kept.
“Working closely with the statutory agencies responsible for fighting corruption, ICAN will no doubt assist the government in its effort at fighting this national malaise.”
Also speaking at the event, the President of the International Federation of Accountants, Rachel Grimes, said around the world, there was a widely identified trust crisis.
She stated that citizens in many countries had lost faith in governing institutions, adding that for this reason, IFAC’s strategic plan for 2019-2020 had been titled, ‘Build Trust; Inspire Confidence’.
