Battered Economy: Experts suggest measures for way out

Economists, bankers and accountants have listed the conditions for economic growth as Nigeria continues to fight the scourge of COVID-19 pandemic.
They noted that only an economy supported by high productivity can compete in the 21st century.
Apart from better and judicious management of resources, abolition of corruption and promotion of transparency in governance, they also suggested bold and critical reforms to salvage the ailing economy.
The measures suggested include the sustained easing of the force with Diaspora remittances and reduction of interest rates to serve as incentives to investors.
It was at the 15th Western Zonal Accountants Conference held at the Youth Redemption Camp, Mowe, Ogun State. Its theme was: ‘Disruptive economy: Implications for accounting profession.’
Participants also brainstorm on the effects of the pandemic try wide lockdown, which stopped economic activities from taking place and social distancing policies that were enforced by the government, which by extension led to shutting down of busines activities.
Dada lamented that the pestilence heralded recession last year, with inflation standing at 15.8 percent, high unemployment rate due to job cuts, naira depreciation and poverty.
The Director-General, Lagos Chamber of Commerce and Industry, Dr Muda Yusuf, said that accountants had a role to play in economic revitalization.
He noted that the COVID-19 pandemic had dirupted the economic and social life of the country.
Yusuf said: “The pandemic crashed the global financial market, including crude oil prices, the forex market and especially the SMEs had rippled effects on the economy.”
However, he pointed out that the country exited recession in the fourth quarter of last year against all predictions, adding that the triumph rekindled hope.
Yusuf urged the accountants and other financial experts to always offer the best professional advice on strategy and good governance to government and operators of the private sector.
ICAN President Dame Onome Adewuyi: ”As Chartered accountants we have resolved to proactively address areas of high and potential risk, to ensure that such negative incidents are reduced to zero.
“A proper and well-structured accounting framework is the only solution for effective decision-making processes, for investors and all interested parties, to be assured that their investments are safe and for economic growth.”
“Disruptions in the economy could also impact the method adopted in providing advisory services by chartered accountants. To be relevant, accountants will need to keep pace and embrace the changing dynamics linked to disruptive technology.” The Nation

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