A member of the Governing Council of the Institute of Chartered Accountants of Nigeria (ICAN), Mr. Biodun Adedeji [FCA], has urged President Bola Tinubu to prioritise the revival of moribund industries across the country as part of efforts to tackle unemployment and stimulate economic growth.

Adedeji said Nigeria needed to identify companies established since independence in 1960 that had become inactive and assess those with the potential to resume operations.

Adedeji, who is the Chief Executive Officer of ESA Consult Limited, previously served as Assistant General Manager at Oodua Investment Company, where he worked for about 25 years. He also served as Managing Director of Reclaim Product Limited.

He holds two master’s degrees in Accounting and Finance from the University of Ibadan and is among the early PhD students in the university’s Department of Accounting.

He argued that reviving viable industries through government support, private investment and appropriate financing arrangements would create jobs, expand economic activities and improve government revenue through taxation.

The former Chairman of ICAN Ibadan and District Society, who spoke in an interview with The Guardian in Ibadan, said the country could not achieve sustainable economic development without strengthening its productive sectors.

He expressed concern that too much attention was being paid to making money from savings and interest rather than investing in production, which he said was critical to employment generation and improved living standards.

Adedeji also urged the Federal Government to explore ways of mobilising private capital and using appropriate government investment vehicles to support the revival of viable companies.

On the Tinubu administration’s economic policies, he described the government’s performance as fair, expressing support for the removal of fuel and foreign exchange subsidies.

According to him, the decisions have reduced financial pressure on the government, although he acknowledged the hardship they have imposed on Nigerians.

He, however, stressed the need for policies that would encourage industrial production, create employment opportunities and cushion the effects of economic reforms.

Adedeji said the decline of industries and the weak state of the economy had affected employment opportunities for accountants and other professionals, with some organisations also failing to offer competitive remuneration.

He identified the proliferation of professional bodies and what he described as encroachment on the traditional functions of ICAN as other challenges facing the accounting profession.

On public sector accountability, he said Nigeria had yet to attain the desired level of transparency and responsible management of public resources.

He noted that ICAN had continued to promote accountability through initiatives such as its accountability index, which evaluates financial transparency and the management of public funds across the 36 states.

The institute, he added, also maintained disciplinary mechanisms, including investigative panels and tribunals, to address professional misconduct and cases of financial fraud involving its members.

Adedeji said members found culpable could face disciplinary sanctions, including removal from the institute’s register.

He disclosed that ICAN had about 74,000 members and remained committed to promoting professionalism, integrity and accountability in the country.

On the impact of artificial intelligence on accounting, he said the technology would make accountants’ work easier rather than render them irrelevant.

According to him, while AI can assist with routine tasks, professional judgement and human interpretation remain essential to accounting practice.

He said ICAN sustained professional standards through rigorous training and continuous professional development, urging experienced accountants to mentor younger members and instil in them the values of discipline, integrity and ethical conduct.

Recounting his professional experience, Adedeji said one of his major achievements was helping to revive a company that had been moribund for 17 years through accounting and professional advice.

He said the company eventually employed more than 100 people but later collapsed after politicians took over its management.

He urged young accountants to be patient, respect authority and remain committed to professional ethics, while urging leaders to provide honest advice and allow professionals to contribute meaningfully to decision-making.