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Buhari to accountants: Key into Fourth Industrial Revolution

 

 

Nigeria risks losing out on immense benefits embedded in the Fourth Industrial Revolution plan if it hesitates to key into the plan, President Muhammadu warned yesterday in Abuja.

 

Speaking as special guest at the 50th annual lecture of Institute of Chartered Accountants of Nigeria (ICAN), he said the revolution, an era marked by emerging technology breakthroughs in a number of fields, such as robotics,

 

AI, quantum computing, 3D printing, biotechnology and the Internet of things, heralded evolution of the industrial plan. With the era, the president, represented by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said Nigerians stood on the brink of a technological revolution that will fundamentally alter the way we live, work and relate to one another.

 

Referencing the theme of this year’s conference, “The 4th Industrial Revolution: Boom for the Accounting Profession and Panacea for Pandemic,” he described the theme as very timely and apt, noting that it captured the digital economy policy and strategy of the present administration’s priority in information technology.

 

“As the world we live and work in becomes more digitalised, the ways in which accountants and their clients can connect, collaborate, communicate and collect information are being reshaped.

 

This creates potential for automation, innovation and disruption. For all of us in general and accountants in particular, the journey towards digital and growing cloud adoption is the mother trend of all changes,” he noted.

 

Recounting some impacts of industrial revolution and how it could foster economies, he said: “Industrial revolutions often heralded disruptions in the operations of markets and economies. These disruptions are deviations from the status quo and are not always negative.

 

From the first industrial revolution to the third, the productivity of the workforce in affected economies experienced a rapid boost. The Fourth Industrial Revolution (4IR) is thus and much more.

 

“The development of industries and the development of the internet as two main drivers of the Fourth Industrial Revolution would increasingly transform how organisations and institutions do business, operate their productions, affect society, make their ecological footprint as well as how people live their lives,” he said.

 

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