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Experts Advocate for Strategic Economic Reforms to Secure Nigeria’s Financial Future by 2026
Leading finance and accounting professionals have called on the Nigerian government to urgently adopt comprehensive policy reforms, diversify the nation’s economic base, and enhance domestic production to ensure financial stability ahead of 2026. They cautioned that ongoing inflationary pressures, the weakening of the Naira, and excessive dependence on oil revenues pose significant risks to sustainable economic development.
Insights from the ICAN Lagelu and District Society Annual Dinner and Awards
This appeal was made during the inaugural Dinner and Awards Night hosted by the Institute of Chartered Accountants of Nigeria (ICAN), Lagelu and District Society, at the Aweni Event Centre in Ibadan. Distinguished speakers included Dr. Prince Oyebade Oyedepo, FCA, a board member of the Oyo State Anti-Corruption Agency; Chief Mrs. Omokemi Olufunke Oladipo, FCA, the founding Chairperson of ICAN Lagelu; and Chartered Accountant Mr. Marcus Kayode Akobi. They underscored the importance of leveraging collective expertise, fostering local industries, and enacting pragmatic policy changes to prepare Nigeria’s economy for the challenges and opportunities of 2026.
Positive Economic Trends Amidst Challenges
Chief Oladipo expressed cautious optimism regarding Nigeria’s economic trajectory, highlighting that recent collaborative efforts between government bodies and citizens are beginning to produce tangible improvements.
“The nation’s financial outlook is gradually improving. We are witnessing progress compared to previous years. Thanks to the combined efforts of the government and the populace, the economy is moving forward,” she remarked.
She pointed to increased commercial activities, particularly in agriculture and small-scale enterprises, as key drivers of enhanced food availability and economic exchanges.
“There is a noticeable influx of agricultural produce into urban markets, with more individuals engaging in buying and selling. This diversification in business activities is enabling higher incomes and greater consumer spending. We can see a hopeful path ahead,” Oladipo added.
However, she acknowledged the impact of currency depreciation on budget allocations, referencing adjustments made to the recently approved state budget of approximately £9.5 million.
“The Naira’s decline has necessitated some budgetary revisions. Nonetheless, all measures are aimed at societal benefit. We remain committed to operating within the budget to deliver essential services and improve living standards,” she affirmed.
Chief Oladipo also commended the contributions of community elders and stakeholders over the past year, emphasizing that sustainable development hinges on strong partnerships among government, professionals, and citizens.
Addressing Economic Vulnerabilities and Policy Priorities
Dr. Oyedepo highlighted the precarious state of Nigeria’s economy, urging immediate interventions to stabilize the financial environment before 2026.
“Despite Nigeria’s vast natural resources, the economy is currently not viable. For genuine progress, the government must prioritize investments in manufacturing, agriculture, and local production rather than relying predominantly on oil exports and imports,” he stated.
He identified high borrowing costs, persistent inflation, and the continuous depreciation of the Naira as critical obstacles to attracting investment and achieving economic stability.
“Policy reforms should aim to create a conducive atmosphere for entrepreneurship and production. Reducing interest rates and stabilizing the currency are vital steps to stimulate investment and strengthen domestic industries,” Oyedepo emphasized. He also stressed that national security is fundamental to economic growth, noting that insecurity disrupts production and deters investors nationwide.
Optimism for Economic Recovery and Strategic Financial Management
Mr. Marcus Kayode Akobi described Nigeria’s current financial condition as strained but expressed confidence in the country’s potential for recovery.
“Although the economy is facing challenges, Nigeria is endowed with abundant resources. The ongoing reforms are expected to yield positive outcomes in the coming year,” he said, highlighting that effective macroeconomic policy implementation is crucial for national stability.
Adding to the discourse, Professor Ishola Rufus Akintoye, an expert in Accounting and Strategic Financial Management, delivered the keynote address, urging accountants to adopt visionary leadership, strategic planning, and lifelong learning to advance both personal careers and the profession.
“Vision transcends mere ideas; it integrates past experiences with future goals. Excellence, continuous education, and robust partnerships are essential pillars for success,” Prof. Akintoye remarked during his speech themed “Honouring Distinction, Advancing Our Vision.”
Celebrating Professional Excellence and Community Contributions
In his opening remarks, Mr. Patterson Ariemodiugno, District Vice Chairman and Organising Committee Chair, praised members for their unwavering commitment to professional ethics and standards.
“Tonight, we celebrate individuals who exemplify integrity, objectivity, accountability, and professionalism with exceptional dedication,” he stated.
The ICAN Lagelu and District Society honoured several members for their outstanding contributions to the financial sector, including Honourable Williams Akin-Funmilayo, Dr. Taiwo Abideen Lasisi, Mr. Oluwalambe Tajudeen Akanni, Mr. Ephraim Oluwatoyin, FCTI, Dr. Olusola Akinloye, FCA, and Dr. Onifade Ayuba, recognizing their professional achievements and community service.
The event also marked the launch of the Thrivers Journal, a new publication highlighting the accomplishments and insights of accountants within the district.
Fundraising efforts for the district’s secretariat were a key feature of the evening, with significant donations from Oloye Adegboyega Taofeek Adegoke, FCA, Baker Tilly Nigeria, and other supporters.
Networking and Renewed Commitment to Nigeria’s Economic Revival
The gathering concluded with vibrant networking sessions, where members reaffirmed their dedication to actively contributing to Nigeria’s economic recovery and celebrated the highest standards of professional excellence.
