The Institute of Chartered Accountants of Nigeria has called on the Federal Government to take decisive action to repair the nation’s refineries.
In his address at the 2024 Annual Conference of the Institute, ICAN President, Chief Davidson Alaribe emphasized the urgent need for concrete measures to revive Nigeria’s economy, according to Vanguard.
He said, “I urge you to take decisive action in addressing critical economic challenges. The government must focus on fixing the nation’s refineries and, at the same time, encourage private sector investment in that sector.
“This will ensure an adequate supply of fuel at affordable prices, reducing our dependence on imports and creating stability in the energy market.”
The ICAN President also advocated for a review of the process used to determine the foreign exchange rate in Nigeria, emphasizing the need to establish the true value of the Naira.
He argued that such a review is essential for fostering a more stable economic environment and enhancing confidence in the currency.
“There is a pressing need to revisit the current exchange rate determination process.
“A thorough review will help establish a true value for our Naira, which is essential for strengthening our currency, boosting investor confidence, and enhancing the overall economic stability of our nation,” he said.
Chief Alaribe also called for the establishment of a National Economic Recovery Committee aimed at restoring the economy to a growth level that would positively impact the lives of ordinary Nigerians.
He said, “I urge the government to establish a National Economic Recovery Committee, comprising representatives of professional bodies, traders, religious and civil society organizatioasns, the academia, students, traditional rulers, and private sector organizations.
“This committee should analyze the current state of the economy and provide actionable recommendations for improvement, with the assurance that its report will receive prompt consideration and implementation.”
