By Providence Adeyinka

The Institute of Chartered Accountants of Nigeria, ICAN, has canvassed application of unconventional models in addressing Nigeria’s economic challenges.

Speaking at the ICAN 2021 Mid-Year Economic Discourse with the theme: “X-Raying The Nigerian Economy: Problem And Prospects”, ICAN President, Mrs Comfort Olu Eyitayo, listed the challenges requiring such model.

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She stated: “The distortions in social, political and economic dynamics call for unconventional models for addressing the seemingly intractable national problems.

“The security challenge is assuming a worrying dimension every day, the volatility in the foreign exchange market is impacting businesses negatively, high inflation rates are making nonsense of investors’ decisions, low-level of budget implementation and monitoring have resulted in poor living standards, the infrastructural gap has made meaningful development a mirage, among others.”

In his remark, Past President of ICAN, Mr. Felix Bajomo, also said that unconventional modules must be used to address Nigeria’s problem, saying: “bad economy leads to loss of respect for country, its GDP, indirect enslavement, among others

“When you have a decline in the value of your currency there is a problem because the prosperity of a country is measured by its currency.”