Experts urge reforms, local production to stabilise economy ahead of 2026

By : Rotimi Agboluaje

Date: 1 December 2025 1:21pm WAT

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The first annual Dinner and Awards Night of the Institute of Chartered Accountants of Nigeria (ICAN)

The first annual Dinner and Awards Night of the Institute of Chartered Accountants of Nigeria (ICAN)

Finance and accounting experts have urged the Nigerian government to implement urgent policy reforms, diversify the economy, and strengthen local production to stabilise the nation’s finances ahead of 2026.

They warned that persistent inflation, currency devaluation, and over-reliance on oil continue to threaten sustainable economic growth.

The call was made during the first annual Dinner and Awards Night of the Institute of Chartered Accountants of Nigeria (ICAN), Lagelu and District Society, held at Aweni Event Centre, Ibadan.

Key speakers included Dr. Prince Oyebade Oyedepo, FCA, a board member of the Oyo State Anti-Corruption Agency; Chief Mrs. Omokemi Olufunke Oladipo, FCA, Pioneer Chairman of ICAN Lagelu; and Chartered Accountant Mr. Marcus Kayode Akobi.

They stressed that harnessing collective expertise, improving local production capacity and implementing sound policy reforms would be crucial to preparing Nigeria for the 2026 economic landscape.

Chief Oladipo expressed optimism about Nigeria’s economic trajectory, noting that current efforts by both government and citizens are beginning to generate positive outcomes.

She highlighted rising market activity driven by increased farming and small-scale businesses, which she said had boosted food supply and economic transactions.

“Many people are bringing food products into the city, and they are buying and selling. Exposure to different types of businesses is enabling people to earn more and spend more. There is light at the end of the tunnel,” she said.

She acknowledged the impact of currency depreciation on the recently released state budget of about £9.5 million, noting that necessary adjustments were made to ensure that public amenities continue to reach citizens.

Oyedepo described Nigeria’s economy as fragile and called for urgent measures to stabilise it ahead of 2026.

He urged government to prioritise investment in manufacturing, production and agriculture rather than rely heavily on imports and oil revenue. He noted that high interest rates, persistent inflation and the weakening Naira remain major deterrents to economic stability and investment.

“Policy reforms must focus on creating an enabling environment for production and entrepreneurship. Lowering interest rates and stabilising the currency are essential for encouraging investment and boosting local industries,” he said.

He added that national security remains fundamental to economic growth, as insecurity disrupts production and deters investors.

Mr. Marcus Kayode Akobi acknowledged the strain on Nigeria’s finances but expressed optimism about the future, saying current reforms were structured to yield results next year.

A Professor of Accounting and Strategic Financial Management, Ishola Rufus Akintoye, who delivered the keynote address, urged accountants to prioritise vision, strategic thinking and continuous learning.

Speaking on the theme “Honouring Distinction, Advancing Our Vision”, he emphasised excellence, capacity-building and strong partnerships as pathways to success.

In his welcome address, District Vice Chairman and Organising Committee Chairman, Mr. Patterson Ariemodiugno, commended members for upholding high professional standards.

The district also honoured members for their contributions to the financial sector, with awards presented to several distinguished professionals.

The evening featured the unveiling of the Thrivers Journal, a publication documenting achievements of accountants in the district, alongside fundraising for the district secretariat, which received significant donations from Oloye Adegboyega Taofeek Adegoke, FCA, Baker Tilly Nigeria and others.

The event concluded with networking, renewed professional commitments and celebrations of excellence.

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