The Institute of Chartered Accountants of Nigeria has urged the Federal Government to invest more in Small and Medium Enterprises and agricultural sectors to enhance the economy.

The association made the call on Saturday, at the Investiture of the 4th chairman of Gwagwalada and District Society of ICAN and inauguration of the Executive Committee in Gwagwalada, Abuja.

The new Chairman, Sosanwo Akinwunmi, Fellow of Chartered Accountants, said there was a need for improvement in the economy through gainful initiatives in these areas.

Mr Akinwunmi said that President Bola Tinubu should empower the agricultural sector, reaching out to them directly and creating wallets through the Ministry of Agriculture.

He said that financial aid should be given directly to the people; provide farmers with fertilisers and other materials needed for SMEs.

“Educate them on how to run their businesses effectively and monitor the businesses properly. I think with that, we’ll be able to improve our domestic productions,” he said.

According to him, the problem of the economic crisis lies with many things which include multiple borrowings.

“A lot of things have happened, which include the multiple borrowings by the government, and not getting the right information about the developmental projects done with the money. Even telling the CBN to print money is an act of borrowing and it also has an impact on the economy. So, these are some of the things preventing the various economic policies put in place by the government to have a significant indelible value,” he said.

Mr Akinwunmi pledged that under his leadership the district would impact on the communities within its operation. .

On his part, Technical Director, Godwin Eje, said that the leadership team would focus more on the capacity building of chartered accountants.

“I’m hoping to bring in new innovations to ensure that my colleagues are up-to-date with contemporary issues. Before the advent of technological advancements, many things were being handled differently.

“But with the advent of new technology into the accounting domain, some of our colleagues, who were previously skilled to handle certain things, but can no longer meet up to them, due to the knowledge and skill gap. So it is paramount that everyone gets carried along with the modern developments, to enable meet up with modern challenges in the accounting domain,” Mr Eje said.

The 60th President, ICAN, Davidson Alaribe, while congratulating the new executive, urged them to work hard to build on the efforts of the past executives to keep the flag of professionalism and excellence flying in the district.

Represented by the 1st Deputy Vice President and District Coordinator, ICAN, Hajia Queensley Seghosime, Mr Alaribe urged them to intensify efforts on all initiatives of the institute, especially the “Catch Them Young” programme.

He said it was to attract and retain more young talents into ICAN and the accounting profession at large.

He urged them to always bear in mind that the efforts of the past leaders of the Distinct must not go down the drain.

He stated, “I encourage you our new leaders to ensure that the district activities are at their highest tempo.”

The president also said that the country was going through various socioeconomic challenges, hence, the need for the new leadership to maximise the opportunity to showcase its problem-solving capability and in turn produce quality results.

(NAN)