By Steve Oko

UMUAHIA – The Institute of Chartered Accountants of Nigeria (ICAN) has expressed concern over Nigerians’ preference for imported goods, warning that the trend is undermining the country’s industrial growth and economic stability.

Speaking at the 19th Eastern Zonal Conference of the Institute held in Umuahia, Abia State, ICAN Diamond President, Chief Davidson Alaribe, decried the nation’s over-reliance on foreign goods and called for a renewed commitment to patronizing locally made products.

“Our appetite for foreign goods is too high. We must rejig our consumption pattern,” Alaribe said. “We don’t patronize home-made products. Go to Aba, and you’ll see finely crafted shoes, yet we prefer imports from Italy. In Ogun State, we produce quality fabrics, but people still go abroad for clothing.”

He argued that promoting local products would ease pressure on the naira, reduce the exchange rate, and strengthen the economy.

Alaribe also pointed to policy inconsistency, corruption, infrastructural deficits, and weak institutions as critical barriers to Nigeria’s industrial development.

Delivering the theme address titled “Beyond Nigeria’s Economic Crisis: Unlocking Opportunities for Growth”, he charged members of the Institute to contribute practical solutions to the nation’s economic challenges.

“Despite good economic policies introduced by some administrations, their lack of sustainability and frequent policy reversals have hindered progress,” he said.

Referencing the Nigeria Industrial Revolution Plan and the recent N75 billion Manufacturing Sector Fund, Alaribe commended efforts to revitalize industry but warned that persistent issues like poor infrastructure continue to raise operational costs and weaken competitiveness.

He praised President Bola Tinubu for the removal of the “costly and corrupt” fuel subsidy, calling it a necessary step toward redirecting resources to more productive sectors. He also lauded the overhaul of the exchange rate system as a major step toward restoring investor confidence.

Alaribe emphasized the need to strengthen institutions, improve the ease of doing business, and invest in agriculture and technology as pathways to economic transformation.

“Agriculture holds vast potential for increasing productivity and contributing to GDP, while our growing tech sector offers significant economic opportunities,” he stated.

He stressed that Nigeria’s ambition to become a trillion-dollar economy hinges on solving the country’s power problems, which are critical to driving industrialization.

Earlier, Dr. Lanre Olasunkanmi, ICAN’s Registrar/Chief Executive, called for the commitment of all stakeholders to ongoing efforts to revive Nigeria’s economy.

In his remarks, Dr. Sylvanus Izebhokhae, Chairman of ICAN’s Eastern Zonal District, said the conference would allow members to offer professional insights and recommendations on the national economic agenda.

Declaring the three-day conference open, Governor Alex Otti, represented by the Secretary to the State Government, Professor Kalu, commended ICAN for choosing Abia as host. He noted that the conference theme aligns with his administration’s economic priorities.

“Despite the national economic crisis, our administration has made significant progress across various sectors,” Otti said. “Our reforms in the ease of doing business aim to position Abia as a preferred destination for investors.”

The conference attracted ICAN members from across the country, including past presidents and national and zonal leaders.