Taste for foreign goods responsible for exchange instability — ICAN
Institute of Chartered Accountants of Nigeria (ICAN) has blamed the fluctuating state of the nation’s currency on the taste of consumers for foreign goods, bogus government size, and oil theft.
Also, it has stressed the need for its districts across the country to promote its various brands especially the entrepreneurship training for the teeming youths including young school leavers as it described it as panacea to the present economic depression.
Its President, Dr Innocent Iweka Okwuosa gave the task at the foundation laying ceremony of the Resource Centre and Examination Hall, Entrepreneurship and Training Centre, and District secretariat of the Ogbomoso and District Society in Ogbomoso.
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Dr. Okwuosa who lauded the initiative of the District led by Prof. Olubunmi Florence Osemene especially the foundation laying ceremony of the three projects ago described less concentration on foreign goods and services as panacea to the present economic downturn.
According to him,” What has happened to the FOREX is a combination of so many things. You are aware of the previous governor of the Central Bank of Nigeria, granting N30 trillion, the ways and means to the Federal government, whereas the economic players say it cannot be more than five cents. What do you expect?
“In a situation where you grant over N30 trillion, the ways and means, is that part of goods and services? What is happening to the Foreign Exchange is something that has been built up over the years.
“The other thing that is affecting the Foreign Exchange is our taste for the foreign goods. In Nigeria, everything is imported including toothpicks. If this attitude continues there will be pressure on Naira.
“Also, the size of governance can be reduced. This can be done. We have pointed this out to the leadership of the Country, a number of times.
“Also, the main source of income for the government which is oil. We hear of oil theft. Because there is oil theft, we don’t have the capacity to earn the foreign exchange that we used to earn in the past. All these aggregates of different events are affecting the naira.
“However, we expect the government to change direction. There are policies that need to be introduced to boost the economy such as patronizing homemade goods and encouraging us to produce what we consume.
“Also, the idea of floating the exchange rate when originally it was said to be unified rate, you don’t do that without proper plans. The question is, can you float an exchange rate when you do not produce goods because those that devalued their currency are to make their exports cheap but we don’t have any exports? Is it not better to say that we are managing the exchange rate?
On the achievement of the Ogbomoso and District Society, the President gave the assurance that all the projects would be completed as planned.
He, thereby, called on other districts to see the achievement of the district as a challenge, especially in the area of entrepreneurship.
According to him, the land for the construction of the three laudable projects is given to the district by well-meaning individuals from the area.
The district did not run to the National secretariat for financial assistance for the acquisition of any of the land. That shows the hospitality of the people of Ogbomoso and the three Kabiyesis, The Soun of Ogbomosoland, Onpetu of Ijeruland, and Olugbon of Orile Igbon.
Also in her address, the Chairman, Ogbomoso and District Society, Professor Olubunmi Florence Osemene said the projects are targeting empowering the youths educationally as well as promoting the various brands of ICAN not only in Ogbomoso but the entire state as a whole.
She said the young school leavers and undergraduate students who want to make a career in the accounting profession would have the opportunity to access the facilities.
Professor Osemene who is full of praise to all the traditional rulers, good-hearted people of Ogbomoso, and leadership of ICAN within and outside the shore of Ogbomoso said the achievement wouldn’t have been made possible if not for their support.
According to her,” “The preparation for this event started as a result of the first acre of land donated to our District Society by Oba Sunday Oyediran, Onpetu of Ijeruland.
“We were contemplating how to raise funds to start the Resource Centre and Exam Hall when we received another parcel from Dr. Samuel Adegok”.
Also, the Olugbon of Orile Igbon, Oba Francis Alao has one acre of land for the building of the Entrepreneurship and Training Centre.
