By Chukwuma Umeorah
With global trade wars intensifying and economic vulnerabilities mounting, Nigerian accountants have been charged to lead the nation’s diversification efforts, reposition local production, and influence policy directions to ensure resilience against external shocks.
Speaking at the 24th Conferment of Fellowship status on distinguished members of the Institute of Chartered Accountants of Nigeria (ICAN) in Lagos yesterday, the Rector of Yaba College of Technology, Dr. Ibrahim Adedotun Abdul, warned that Nigeria’s heavy reliance on oil revenues poses a major threat to economic stability if international trade tensions escalate further. “For Nigeria, our over-dependence on oil is something that we need to look at this time. Because if somebody who is a major importer of our oil decides to put a trade tariff on Nigeria, what becomes our earning? So we either diversify or we may have to face the consequences,” Abdul cautioned.
His warning comes amid intensifying global trade disputes, notably the U.S. imposing steep tariffs of up to 145 per cent on Chinese imports, prompting retaliatory measures from China and affecting multinational corporations. These developments, expert noted, have disrupted global supply chains and heightened economic uncertainties.
Addressing 911 newly conferred ICAN Fellows, Abdul emphasized that professionals, particularly accountants, must play a pivotal role in repositioning the economy. He called for a deliberate shift toward agro-processing, support for local industries, expansion into solid minerals, and investment in digital services to reduce exposure to global shocks.
He also urged accountants and businesses to take full advantage of the African Continental Free Trade Area (AfCFTA), which he described as a major opportunity for Nigeria to expand its economic footprint beyond its borders. “Let’s wake up to that role and invest in the African continental trade. Yes, we develop the Nigerian economy and then we penetrate and enter the African markets and compete with whoever is holding the rake in the African markets,” he said.
Abdul pointed to the urgent need to foster a culture of local production and consumption, drawing lessons from countries like Japan that have built strong domestic industries despite global competition. “They developed different foods out of that sticky rice and promoted it within and outside their country,” Abdul said, adding: “Instead of abandoning their rice, they invested in its production. We must similarly promote our local products, rebrand and make them global commodities.”
Beyond production and trade, Abdul highlighted the importance of technological independence, noting that Nigeria must invest in indigenous technology startups, artificial intelligence, and robotics to avoid future economic domination by external forces. “We need to support indigenous technology startups. We need to expand our research into AI, robotics, and ensure that we don’t allow our technology space to be humiliated by imported products,” he said.
ICAN President, Davidson Alaribe, in his address, underscored the critical role accountants must play in ensuring fiscal prudence and policy development at all levels of government. “Accountants are the gatekeepers to any economy. Politicians should go and play politics. Leave the economy for accountants and economists. That’s how it’s done in every other country,” he asserted.
He explained that involving more accountants in governance would enhance fiscal discipline and ensure sustainability of public resources. “If you have 100 million now, you go and buy a big car with 80 million. How will you maintain it? Before you know it, you begin to beg. But somebody can advise you, buy a car of 20 million, invest 60 million, and still have money to eat,” Alaribe illustrated, emphasizing the importance of sound financial management.
Alaribe congratulated the new Fellows and reminded them that the Fellowship status comes with added responsibility to the profession and to the nation. “You are now ambassadors of integrity, accountability, and transparency. In your hands lies the power to guide future generations towards responsible stewardship,” he charged.
ICAN as a leading professional body in Nigeria emphasized that unless professionals, particularly accountants, step up to lead, influence, and innovate, Nigeria risks being caught unprepared by global economic shifts. “None of this is possible without professionals. I want to encourage you to take the move by the horn and lead the nation towards this economic freedom,” Alaribe urged.