ICAN promotes a debt-free strategy for sustainable development

Unlocking Nigeria’s Potential: ICAN Calls for Internal Resource Mobilization Instead of External Borrowing

The President of the Institute of Chartered Accountants of Nigeria (ICAN), Innocent Okwuosa, emphasized that Nigeria possesses the capability to generate funds for development internally rather than relying on external borrowing.

During an interactive media session in Lagos, Okwuosa expressed his views on government loans, stating that they are unnecessary when alternative avenues exist for sourcing funds within the country. He advocated for exploring untapped resources and diversifying the economy, highlighting the vast potential Nigeria possesses. By focusing on internal resource mobilization, the government can avoid the easy option of loans.

Okwuosa pointed out that despite Nigeria’s long history in the oil industry, the country has not fully developed its indigenous talent in fields such as petroleum engineering. He attributed this deficiency to the lack of a conducive environment for nurturing and harnessing human capital. Okwuosa firmly believed in the abilities of Nigerians and their capacity to excel, citing their remarkable achievements abroad. Instead of increasing the country’s debt through borrowing, he stressed the importance of creating an enabling environment that empowers and unleashes Nigeria’s human capital.

In summary, ICAN advocates for tapping into Nigeria’s internal resources and fostering an environment that supports the development of human capital, offering a sustainable alternative to borrowing.