The Institute of Chartered Accountants of Nigeria (ICAN) has called on the Federal Government to take immediate action to repair and revitalize the nation’s refineries. This appeal was made during the 2024 Annual Conference of the Institute held in Abuja.
In his address, ICAN President, Chief Davidson Alaribe, emphasized the urgent need for concrete measures to revive the Nigerian economy. He stated, “I urge you to take decisive action in addressing critical economic challenges. The government must focus on fixing the nation’s refineries while encouraging private sector investment in that sector.”
Alaribe noted that revitalizing the refineries would ensure an adequate supply of fuel at affordable prices, reduce the country’s dependence on imports, and create stability in the energy market.
Review of Foreign Exchange Rates
Additionally, the ICAN President called for a reevaluation of the foreign exchange rate determination process in Nigeria to establish the true value of the Naira. “There is a pressing need to revisit the current exchange rate determination process,” he remarked.
“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 added.
Establishment of National Economic Recovery Committee
Chief Alaribe also proposed the establishment of a National Economic Recovery Committee tasked with restoring the economy to a growth level that positively impacts ordinary Nigerians.
“I urge the government to establish a National Economic Recovery Committee, comprising representatives from professional bodies, traders, religious and civil society organizations, academia, students, traditional rulers, and private sector organizations,” he stated.
“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.”