ICAN urges FG, others to focus on transparency for improved economy

The Institute of Chartered Accountants of Nigeria (ICAN), has called on corporate organisations, and the Government to focus on transparency and accountability, as well as the distribution of technology for efficient and improved administration in the country.

ICAN made this statement during the recently completed 13th Western Zonal Conferenceorganised by the Ikorodu District of ICAN, and held at the Ikorodu Musical Village in Ikorodu.

Details of the Conference

The conference, which had the theme, ‘Fostering an Impactful Leadership through Accountability and Technology,’ was attended by representatives from the south-West region of the country.

They discussed about the economy – The representatives deliberated on steps that can be taken in order to improve the country’s economy.

The ICAN President, Alhaji Razak Jaiyeola, also used the occasion to reiterate the organisation’s determination to continually improving the country’s financial management system.

How Transparency and accountability could facilitate economic growth

Transparency is a general prerequisite for the proper functioning of the market. It is also a core component of any effective anti-corruption policy.

Transparency helps in the allocation of resources – Transparency plays a critical role in ensuring the efficient optimisation of resources by allowing the market to evaluate/impose discipline on government policy, as well as increase the political risk of unsustainable policies.

Transparency also prevents corruption – In addition to these important functions, transparency can play a key role in the prevention of corruption and promotion of good governance. By providing the public with access to information relating to government decisions and financial transactions, transparency can effectively deter illicit behaviour.

How Technology aid economic growth

The Information and Communications Technology industry has the potential to fuel economic growth in Nigeria. Here are some of its advantages in the society.

  1. Electronic Governance – In Nigeria, many government agencies now use websites to provide information on their activities to the public. This enables Nigerians to use the internet and get any information they want.
  2. E-Health and Telemedicine – E-health is a relatively new term in health-care practices and one of the most rapidly growing areas in ICT today. Telemedicine involves the use of medical information transferred from one site to another through electronic communications to improve patient’s health care including diagnosis and treatment.
    The introduction of e-health and telemedicine in Nigeria can play a role in reducing the death rate in the country.
  3. Agriculture –With the aid of technology, farmers can now work on farms with machineries, making farming easier and faster for them.

Source: Nairametrics

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