An expert in finance and consulting, Olawale Abiola, has said that most Nigerian leaders lack adequate financial skills and discipline in financial management.
He advocated that while everyone cannot be an accountant, leaders must surround themselves with people who love the country and are vast in financial management.
Abiola pointed out that there are a lot of areas in financial literacy that need to be bridged, stressing that the gap is evident in Nigeria and the country’s economy. He made the remarks during a training organised by AO&FA Consulting with the theme: ‘Financial for Non-Finance Managers’, held in Lagos.
Abiola said: “Everyone cannot be an account, but there are minimum levels of financial knowledge required for anyone managing a business or a government.
“Akinwunmi Ambode, as a chartered accountant, managed Lagos State resources well because he had a good understanding of finance, giving value to Lagosians.
Lacking financial skills affect governance, and how resources are managed. No country has enough finance; the United States (U.S.) and China also borrow money, but the problem with Nigeria is that we borrow to consume, and we don’t have the financial discipline or skill to ensure that we maximise to bring better returns to the economy. “
The financial expert noted that the current quagmire in Nigeria is complicated, pointing out that the solution resides in Nigeria. Abiola added that the country has both economic and human resources. For him, the country needs a government that will do the right thing, and be truthful to the people.
He said: “Everything is shrunk, activity is low, productivity is low, and people are complaining but people in government are living large; there is a need for the government to lead by example.
“Nigeria’s problem is lack of proper financial literacy and financial discipline in government. They organise programmes that are not adding value, and which will not provide the requisite support that will make people work and pay taxes.”
Abiola, the Managing Partner, AO&FA Consulting, emphasised the importance of financial education for all staff and business owners, regardless of their role, status or industry.
The Managing Director/Chief Executive officer, EnergiHub, Olatunde Akintola, emphasized the need for short-term policies to ease the pains and suffering of Nigerians. Sighting an instance, he explained that Nigeria is a gas-producing country and cannot sell gas to its citizens at international prices.
Chief Financial Officer, Chartered Institute of Personnel Management (CIPM), Edward Dunku also stressed the need for financial literacy, appealing to organisations to prioritize training for non-financial staff.
“Financial knowledge is crucial for business success, and it’s essential that all staff, not just finance professionals, have a basic understanding of financial concepts,” he said.
Also Head, Technical/Projects, Rite Foods Limited, Idris Adegunwa, who was one of the participants of this two-day workshop, told The Guardian that the workshop was an enlightening and educative one. He appealed to the government to help invest more in workshops like this to help the country as a whole by setting up educative commercials to help the less privileged in the financial aspect.
The training programme, facilitated by experts in finance and business management, covered topics such as financial statement analysis, investment decisions, pricing strategy, budgeting, and financial planning.
With the increasing complexity of the business environment, experts say financial literacy is no longer a luxury but a necessity for business success. As such, initiatives like the “Finance for Non-Finance” training program are crucial in bridging the financial knowledge gap among non-financial staff and business owners.
The event, attended by representatives from companies such as Bigi, Biofem, and Cisse Group, aimed to equip participants with essential financial skills to effectively manage their organizations and make informed business.
