By Elizabeth Osayande & Ifunanya Ndigwe

President Bola Tinubu has emphasised that maintaining strict discipline and sound financial policies is essential for improving investor confidence and supporting a robust economy.

Tinubu, represented by Mrs Sanyade Okoli, the Special Adviser to the President on Finance and Economy, spoke at the 20th Western Zonal Accountants’ Conference of the Institute of Chartered Accountants of Nigeria, ICAN on Thursday in Lagos. He noted that while the removal of fuel and foreign exchange subsidies may be challenging, these steps are necessary to address the struggling economy.

Mrs Okoli provided some economic updates, stating that, “In the third quarter of 2024, the oil sector contributed just over 5% to Nigeria’s GDP, a sharp decline from our historical dominance. Meanwhile, non-oil exports have more than doubled to 13%, indicating gradual diversification.”

She cautioned that investor confidence is fragile and depends heavily on the government’s commitment to maintaining strict fiscal discipline and sound financial policies. “We cannot achieve sustainable development on a foundation of distortion,” Mrs Okoli stated. She described the removal of subsidies as a difficult but necessary action to repair the economy’s weak foundation.

Earlier, the 61st President of ICAN, Mallam Haruna Nma Yahaya, addressed the future of accountancy and its role in national development. He highlighted the importance of accountants adapting to remain relevant in a changing world. “One of our ten-point agendas is to engage and rejuvenate the Gen Z population. We will attract younger Nigerians into the profession by equipping them with skills and opportunities, which can help reduce unemployment and tackle insecurity,” Yahaya reiterated.

Session Chairman Alhaji Razak Jaiyeola opened the discussion by noting Nigeria’s abundant natural and commercial resources. He acknowledged that the true challenge lies in managing these resources effectively. “Nigeria is blessed with a wealth of resources, yet our biggest challenge has always been the management of these assets. The key questions are: How are these resources planned, governed, deployed, and accounted for?”

MD/CEO of Gab & Nuella Concept Limited, Mrs Veronica Folorunsho, stated that Nigeria can only achieve strong growth if the public sector goes beyond providing basic social support. It must become an enabler of progress by creating a supportive environment for businesses. “The public sector is responsible for policy and regulation. If they don’t provide a conducive platform, the private sector cannot thrive,” Mrs Folorunsho warned, mentioning how frequent policy changes during election cycles make investors hesitant.

Conference Director Dr Titilayo Fowokan discussed practical initiatives from ICAN, including the launch of an “Accountability Index” for the public sector. “ICAN plays a crucial role because, as Chartered Accountants, we are known for accuracy and integrity.” She explained that the index serves as a tool to monitor and improve the use of public funds, ensuring decisions benefit the public rather than personal interests.

As the conference concluded, participants reached a strong consensus that Nigeria possesses sufficient capital and resources. However, the real gap lies in the institutional integrity and systems needed to manage these resources effectively.