FG, ICAN collaborate on capacity building for SMEs

Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has welcomed plans by the Institute of Chartered Accountants of Nigeria (ICAN), to collaborate with the Ministry and its agencies on capacity building and support for Small and Medium Enterprises (SMEs).

Receiving a delegation of the leadership of ICAN on a courtesy visit to the Ministry in Abuja, on Thursday, Enelamah, who is himself an ICAN member, accepted the gesture of the Institute, and highlighted the Federal Government’s focus on capacity building.

Expressing appreciation for the foundational training ICAN offers, and its ability to maintain high standards, he also welcomed their contribution to the Financial Reporting Council of Nigeria (FRCN), which is one of the agencies under the ministry.

Earlier, ICAN President, Razak A. Jaiyeola, said the body is particularly interested in the aspect of capacity building, support for SMEs and accountability for the various deliverables under the ERGP; and wished to collaborate with the different agencies under the Ministry saddled with the mandate of promoting initiatives to grow the sector.

“Specifically, we would like to engage with the Bank of Industry to support and assist accountants in Small and Medium Practices,” he said. “We believe that if these small business practitioners are encouraged to expand their businesses, the quality of financial reporting will improve, more employment opportunities would be created, more people will be economically empowered and there will be a great diminution in the army of idle hands and societal deviants.”

On the financial reporting, he recalled that when FRCN shared the Draft 2018 Code, the Institute reviewed and submitted recommendations and observations for consideration and inclusion.

He commended the Ministry for its role in the strategic efforts being made by the government to enhance the Ease of Doing Business and developing a corporate governance code that meets international standards, which he described as an essential prerequisite for attracting investments into the country.

At the meeting were the Permanent Secretary, Sunday Akpan, who assured ICAN of the Ministry’s support in its efforts; the 2nd Deputy Vice-President, Mrs. Comfort Eyitayo; the Registrar/Chief Executive, John Evbodaghe; and other members of the Governing Council of ICAN.