The Institute of Chartered Accountants of Nigeria (ICAN) has urged the federal government to revitalise the textile and agricultural sectors with modern technology and adequate financing.
ICAN President, Tijjani Musa Isa, made the call in Lagos at the weekend during a briefing to commemorate the International Accounting Day 2022.
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He also stressed the need to address naira depreciation, inflation, brain drain and other macroeconomic challenges besetting the country.
Isa asked the government to encourage fiscal federalism to create enabling environment and ensure local value addition of commodities and products exported from Nigeria.
“This country is structured in a way that the economy will hardly grow because our federalism is only in a name. There’s no fiscal federalism. That was how the regions in the First Republic developed and made their economies very healthy. Our federalism should be a reality and not in theory.
“Again we have to look at our economies in terms of value addition. What value are we adding to the crude oil we export? Do we have the technology for the oil exploration? Do we have the technology for oil drilling? Do we have the technology for transporting the crude from the oil wells to the oil tankers?
“What are we doing to develop and exploit our God given landmass? What has happened to out textile industry that has tremendous multiplier effect in terms of the value chains and job creations,” he said.
The 58th ICAN president also said the problem of brain drain in Nigeria had become worrisome as professionals were leaving the country in search of greener pastures.