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Tuesday, December 6, 2022

ICAN seeks solutions to rising inflation

By Francis Akinnodi

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The Institute of Chartered Accountants of Nigeria (ICAN) have emphasised the need to address hyper inflationary pressures, brain drain and other macroeconomic challenges besetting the country.

President, ICAN, Mallam Tijjani Isa said this on a national television programme monitored by The Hope at the weekend.

Isa said the advice became imperative as economies across the world were facing trying times.

He noted that global challenges had become heightened with developments such as Russia-Ukraine war, climate change, increasing consumer prices, contractions in Gross Domestic Products (GDP), trade wars, political tensions, among others.

Isa said at country level, several socio-economic imbalances were biting hard on citizens, with inflation at its highest in 17 years amidst declining purchasing power of citizens.

“To successfully address the problems of inflation, Nigeria must adopt both short and long-term measures.”

The ICAN president stressed the need to revitalise the textile and agricultural sectors with modern technology and adequate financing to meet up with the country’s textile and food demands, and also for exportation purposes.

Addressing the plans to redesign some of the country’s currency, Isa charged the Central Bank of Nigeria (CBN) to consider the views of various stakeholders.

This, he explained, would ensure that critical issues such as the cost of designing and printing the new currency notes, the timing of the policy, the policy’s likely impact on inflation and exchange rates were satisfactorily addressed.

He stressed the need to find a permanent solution to the foreign exchange crisis if the country was to develop at the desired pace.

On brain drain, he noted that while the phenomenon was not peculiar to Nigeria, deliberate steps must be taken to stem the tide.

“Unfortunately, the quality of our certification makes our members more desirable for jobs outside our shores.

“The weak socio-economic environment of our dear nation has not made it easier to persuade our local talents to stay.

“We, therefore, encourage managers of our economy to create an enabling business and regulatory environment that would elicit professionals’ interests in staying back to build our nation,” he said.

According to him, ICAN is contributing its part in developing the entrepreneurial skills of its members.

“However, an enabling environment is required for professionals to deploy their full potential in job creation and employment generation,” he said.

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