Finance and accounting experts have urged Nigerian government to implement urgent policy reforms, diversify the economy, and boost local production to stabilize the nation’s finances ahead of 2026.
The experts warned that persistent inflation, currency devaluation, and over-reliance on oil threatens the sustainable economic growth of Nigeria.
Speaking at the first annual Dinner and Awards Night of the Institute of Chartered Accountants of Nigeria (ICAN), Lagelu and District Society, the Pioneer Chairman of ICAN Lagelu, Chief Mrs. Omokemi Oladipo (FCA) said harnessing collective expertise, supporting local production, and implementing sound policy reforms would be crucial to preparing Nigeria for the 2026 financial landscape.
Oladipo expressed optimism about Nigeria’s improving economic and financial state, noting that recent efforts by both the government and citizens are beginning to yield results.
She said, “The financial status of the country is improving. We are getting better. It’s not like it used to be in past years. Because of our efforts and the government’s, things are moving forward.”
She highlighted increased market activity, attributing it to more people engaging in farming and small business ventures, which she said has boosted food supply and economic transactions.
“Many people are bringing food products into the city, and they are buying and selling. Exposure to different types of businesses is enabling people to earn more and spend more. There is light at the end of the tunnel.”
Acknowledging ongoing economic hardships, she noted that currency depreciation has affected some allocations in the recently released state budget of approximately £9.5 million.
“We have depreciation of the Naira, definitely. So some adjustments had to be made. But everything being done is for the benefit of society. We will work within the budget framework to ensure amenities reach the people and improve their lives.”
She also lauded elders and stakeholders who have contributed to the society’s one-year development, emphasizing that collaboration between government, professionals, and citizens is essential for sustainable growth and stability.
In his remark, a Board Member of the Oyo State Anti-Corruption Agency, Prince Oyebade Oyedepo highlighted the fragility of Nigeria’s economy and called for urgent measures to stabilise it ahead of 2026.
He said, “Nigeria is not financially viable at the moment, despite our abundant resources. For meaningful growth, the government must invest in manufacturing, production, and agriculture, rather than relying heavily on oil and imports.”
He cited high interest rates, persistent inflation, and continuous devaluation of the Naira as major barriers to investment and economic stability.
“Policy reforms must focus on creating an enabling environment for production and entrepreneurship. Lowering interest rates and stabilising the currency are essential for encouraging investment and boosting local industries.”
He further noted that national security remains a prerequisite for economic growth, pointing out that insecurity across the country disrupts production and deters investors.
Also, a Chattered Accountant, Marcus Kayode Akobi described the country’s financial situation as strained but expressed optimism about future prospects.
He said, “While the economy is presently dwindling, Nigeria is blessed with abundant resources. The reforms we are seeing now are designed to bear fruit next year.”
Akobi stressed that national stability depends on the proper application of macroeconomic policies.
A Professor of Accounting and Strategic Financial Management, Ishola Rufus Akintoye, who delivered the keynote address, urged accountants to embrace vision, strategic thinking, and continuous learning as tools for personal and professional advancement.
Speaking on the theme “Honouring Distinction, Advancing Our Vision”, Prof. Akintoye said:
“A vision is more than a thought; it fuses past experiences with future aspirations. Excellence, continuous learning, and strong partnerships are fundamental to achieving success.”
In his welcome address, District Vice Chairman and Organising Committee Chairman, Mr. Patterson Ariemodiugno, lauded members for upholding the highest professional standards.
“This evening affords us the privilege of celebrating individuals who have embodied integrity, objectivity, accountability, and professionalism with remarkable commitment.”
The Lagelu and District Society of ICAN also honoured its members for their contributions to the financial sector.
Awards were presented to professionals 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 for their outstanding professional achievements and community service.
The evening featured the official unveiling of the Thrivers Journal, a publication showcase an insights of accountants within the district.
Also, there was fundraising for the secretariat of the district. Oloye Adegboyega Taofeek Adegoke, FCA, donated substantially to the project.
