The Institute of Chartered Accountants of Nigeria held the 52nd Annual Accountants conference tagged Nigeria: Adopting Sustainability for Economic Prosperity, from 10th October to 14th 2022, at Abuja, Nigeria.
The conference which was declared open by the Special Guest of Honour, His Excellency, Muhammadu Buhari, GCFR, President, Commander in Chief of the Armed Forces, Federal Republic of Nigeria, ably represented by Mrs. Zainab Shamsuna Ahmed, Honourable Minister of Finance, Budget and National Planning, who was also ably represented by Dr. (Mrs) Sarah Alade, the Special Adviser to the President on Finance and Economy.
The recommendation from the plenary session made up of experts and technocrats from all to chart a way forward in line with the sustainable development of the nation recommended a strong institutional framework that is necessary for the pursuit of a sustainable economy while recognizing the connection between governance issues, and environmental and social challenges.
The experts harped that the Nigerian National Energy Transition masterplan needs to be harmonized, aligned, and ultimately implemented for the growth of the energy sector.
The Federal Government was applauded for the measure taken on the recent flooding and drought experience and the measure taken for the establishment of the National Council on Climate Change (NCCC) which shows the efforts of the country to show commitment to environmental issues.
While also, canvassing as a matter of urgency intensifying the Continuing Professional Developmental program on Environmental, Social, and Governance issues with calls for its members to play a leading role in the Sustainability reporting and assurance landscape.
The body calls for a review of the syllabi to be supplemented and liaised with the National University Commission and National Business and Technical Examinations Board (NABTEB) for the enhancement of the profession and to incorporate future developments into the curricula of the accounting departments.
Furthermore, the Institute appeal for the adoption of International Sustainability Reporting Standards that cover a robust carbon accounting protocol so that companies have a framework for reporting on their decarbonization activities.
However, the delegates ask that government policies for sustainability and Innovative Taxation should be keenly reviewed. Noting that tax straddles the three pillars of sustainability – Environment, Social, and Governance. Tax is a valid instrument for promoting sustainable environmental practices and discouraging harmful ones.
Highlighted among the recommendations include sustainability in revenue collection, sustainability reporting and the green economy, job creation for the teeming youth populace, harmonization of a joint tax board, and aligning technology for online verification and approvals.
Hence, In terms of the economic adoption of sustainability practices which is the current direction of travel, it determines the flow of new and mobile factors of production while Considering the nation’s significantly youthful population and access to abundant natural resources.
Nigeria as a nation is well positioned to attract this new investment that is needed for the next wave of economic prosperity. Therefore, to build a prosperous nation, all enterprises in Nigeria, including the public sector must embed sustainable growth and development practices in all their activities.
The three-day event has 6,393 delegates from within and outside Nigeria
