Nigeria’s economy is showing early signs of stabilisation, but progress remains fragile, the Institute of Chartered Accountants of Nigeria (ICAN) has warned, emphasising that accountability is key to sustaining fiscal reforms and driving national development.
The remarks came during ICAN’s 2026 Economic Outlook in Lagos, part of the institute’s 60th anniversary celebrations, which brought together policymakers, regulators, industry leaders, and top professionals to discuss strategies for improving transparency, fiscal discipline, and governance.
ICAN President Mallam Haruna Yahaya noted that the Nigerian economy recorded over four per cent GDP growth in the second quarter of 2025, driven by gains in manufacturing, trade, and services, while inflation moderated to around 14 per cent by year-end. External buffers strengthened, with foreign exchange reserves reaching multi-year highs and trade and current account balances returning to surplus.
“Accountability is not merely a governance ideal; it is an economic imperative,” Yahaya said. “Progress remains fragile and must be safeguarded through discipline, transparency and accountability.”
Vice President Hajia Queensley Seghosime highlighted revenue mobilisation, tax system restructuring, and public financial management as crucial steps for macroeconomic stability and inclusive growth. She stressed that accountability anchors fiscal reforms, ensuring public resources are efficiently deployed and citizen trust is maintained.
Panel discussions also addressed social outcomes, noting that while macroeconomic stability is improving, growth remains uneven, real incomes are recovering slowly, and poverty and inequality persist. Experts emphasised that sustainable development depends on effective execution, institutional compliance, and professional capacity in key economic sectors.
ICAN underscored the evolving role of accountants as custodians of fiscal credibility, governance, and sustainability, highlighting responsibilities in digital systems, ESG compliance, and risk management. Yahaya concluded by urging active engagement and professional courage, stressing that transparency and accountability will remain central to Nigeria’s economic transformation.
Leave a comment