Business

ACCA: Nigeria needs investments in capacity to boost productivity

The Association of Association of Chartered Certified Accountants (ACCA) has identified low productivity as the bane of Nigeria’s economy. To address this, the body said the country must start investing in building skills and capacity that would make Nigerians productive.

The Head of ACCA in Nigeria, Mr Tom Isibor, who stated this during an interactive session with journalists in Lagos, said the country had been lagging in economic growth because things are still being done the way they were 30 years ago. According to him, Nigeria should start building the skill set needed to advance its economy. “As a country, we have been using the same tools and the same technology for years.

I think that’s a problem with productivity. What are we investing into research? What are we investing into being competitive? “We have some countries that have proprietary resource because they are deliberate about it. India, example, is known for medical tourism and technology management, most of the multinational organisations rely on them. And I think that is because they are deliberate about it,” he said. Isibor added that the challenge of productivity in Nigeria was also around skill set, hence, investments capacity building would bring about positive changes in the economy. He said Nigeria must be deliberate in doing this, adding that the country must also identify its area of strength to determine where to channel the investments. Isibor noted that ACCA as an organisation working for public good had been engaging with governments at various levels to to see how some of the Economic challenges can be addressed.

“We are collaborating with governments and public sectors. One of the programmes that we’re having is on building sustainable public management system. And we’re planning to have this in April. We also have a lot of engagements, even with national institu- tions like the Nigerian army, Accountant-General Office, among others,” he said. Speaking on the Associationn’s programmes for the year, Senior Business Development Manager, ACCA Nigeria, Aderonke Adebule, said the body would, for the first quarter of this year, be pushing for affirmative action on nine of the 17 Sustainable Development Goals of the United Nations under the theme: ‘Rethinking Our World.’ “There’s an overwhelming societal expectation to create a world that works for everyone one that is greener, fairer and more inclusive. The model for this better world exists in the UN Sustainability Development Goals. And every part of society, if not already doing so, needs to respond to the UN’s call to make the 20205 a decade of action by placing the SDGs at the centre of positive and sustainable change. “As a leader in the profession, we’re responding to that call for action. We’ve made a set of commitments so we can play our part in shaping a better, fairer and more sustainable future. “In our new campaign, Rethinking our world, we call on everyone in the ACCA community to play their part in creating a better world by firstly engaging with the UN SDGs and asking the question what steps can I take?” Adebule said.

 

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