ICAN chairman passes important message to members

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ICAN Chairman asks members to research into causes and effects of cash crunch in Nigeria

By Jacinta Nwachukwu

The Chairman of the Institute of Chartered Accountants of Nigeria (ICAN), Gwagwalada District Society, Mr Musa Dala has told members to be research-oriented to enhance economic growth.

Dala spoke at the 2023 Annual Dinner and Award ceremony of the Society on Saturday at Gwagwalada, Federal Capital Territory (FCT).

He said members should be inquisitive, problem-oriented and critical thinking towards issues that could hinder the growth of the Nigerian economy.

“Certainly there are things we need to look at, what do people think we should do and what are we expected to do?

“For instance; what is happening with the cash crunch in Nigeria, why is there no cash in circulation in the economy, have you done your research to tell the government the reasons for this challenge?

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“We have to improve and be more visible to the economy, what is happening to the insurance sector, can we have a take and come up with a strategy to help the sector?” Dala asked.

He said that if there was not enough money in circulation, the economy would not grow, hence the government should ensure adequate flow of money into the economy.

“For instance, during this festive season, people are selling their cash crops, you have to increase the cash flow in the economy.

“Local people do not understand money transfer, so you have to push money to the rural areas, and this will create income and the economy will grow but if you stop it you’re killing the economy,” Dala said.

He said a bad economy could kill a nation, hence the need for finance professionals to go into sectoral research and build capacity to advise the government for things to be done right.

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