By Esther Sangodele
A member of the Governing Council of the Institute of Chartered Accountants of Nigeria (ICAN), Biodun Adedeji [FCA], has urged President Bola Tinubu to prioritise the revival of moribund industries across the country to tackle unemployment, boost production and stimulate economic growth.
The former Chairman of ICAN Ibadan and District Society said reviving viable companies that had become inactive would create jobs, increase government revenue and improve the living standards of Nigerians.
Adedeji, the Chief Executive Officer of ESA Consult Limited, previously served as Assistant General Manager at Oodua Investment Company, where he worked for about 25 years, and as Managing Director of Reclaim Product Limited.
He made the call in an interview Morning Star Optimal News, urging the Federal Government to take stock of companies established across the country since independence in 1960 and identify those with the potential to resume operations.
He said the government could develop a framework for supporting such businesses through appropriate financing arrangements, private sector investment and other interventions.
According to him, Nigeria cannot achieve sustainable economic growth without strengthening its productive capacity and creating an environment in which industries can thrive.
Adedeji expressed concern that the country was paying too much attention to making money from savings and interest rather than investing in productive ventures capable of generating employment and wealth.
He said industrial revival would not only provide jobs but also expand the tax base and strengthen the economy.
Assessing the Tinubu administration’s economic policies, Adedeji described its performance as fair, expressing support for the removal of fuel and foreign exchange subsidies.
He said the decisions had reduced financial pressure on government, although he acknowledged the hardship they had brought upon Nigerians.
He, however, urged the government to complement the reforms with policies that would promote industrial production, create jobs and ease the economic burden on citizens.
The accounting professional also identified the decline of industries and the weak economy as major challenges affecting employment opportunities and remuneration in the accounting profession.
On public sector accountability, he said Nigeria had yet to attain the desired level of transparency and responsible management of public resources.
He noted that ICAN had continued to promote accountability through its accountability index, which assesses financial transparency and the management of public funds across the 36 states.
Adedeji said the institute also had disciplinary mechanisms, including investigative panels and tribunals, to address professional misconduct and cases of financial fraud involving its members.
He added that the institute remained committed to maintaining professional integrity through rigorous training and continuous professional development.
On artificial intelligence, he said the technology would make accounting work easier rather than replace accountants, stressing that human judgement and professional interpretation remained essential.
Adedeji urged senior accountants to mentor younger professionals and instil in them the values of discipline, integrity and ethical conduct.
Recounting his professional experience, he said one of his major achievements was helping to revive a company that had been moribund for 17 years through accounting and professional advice.
According to him, the company eventually employed more than 100 people but later collapsed after politicians took over its management.
