LAWRENCE NWIMO writes that the National Association of Polytechnic Accounting Students (NAPAS) Federal Polytechnic Oko chapter penultimate Friday ended its annual seminar and presentation of its 26th edition of NAPAS Journal in the presence of scholars and dignitaries.
The one day seminar organized by the Department of Accountancy, Federal Polytechnic Oko, at the polytechnic auditorium, saw the participants trained and educated on the rudiments of Accounting for National economic growth.
In an address presented by the NAPAS President, Oko Chapter, Chukwuemeka Nwosu, he reminded the students that ‘greatness’ is never achieved without hard work and diligence and noted that the numerous challenges facing the country can only be overcome when youths begin to take responsibility.
He described accountancy department of Federal Polytechnic Oko as one of the departments that have trained enough Accounting professionals in the field of accounting across the nation.
Presenting his keynote address on the topic: ‘’Standardization of the Accounting profession: A paradigm for restructuring the Nigerian Economy’’. The Tax perspective, the keynote lecturer, Ikpo Odo Okereke from Federal Inland Revenue Service (FIRS), described standardization of accounting profession as a situation whereby the professional bodies ensure that practicing the profession in Nigeria is in conformity with the universally applicable standards.
Describing the role of the accountant in the Nigerian economy, Mr Okereke explained that accounting plays an integral role in the growth and development of Nigeria economy.
His words: “Accounting plays an essential role in economic development which is visible as high quality corporate reporting is key to improving the transparency and facilitating the mobilization of domestic and international investment for creating a sound investment environment and fostering investor confidence thus, promoting financial stability.
“A strong and internationally comparable account report system facilitates international flows of financial resources while at the same time helping to reduce corruption and mismanagement of resources. It also strengthens international competitiveness of enterprises in attracting external financing and taking advantage of international market opportunities.
“There is no doubt that accountants are crucial to the smooth and efficient function of the economy. Their expert advice is sine quo non in the management of financial resources but can only do that if they play the rules domiciled in the standard set by the professional bodies. Through their financial reports, it is easier for government to see the area that require more emphasis in terms of support and investment.
Mr Okereke urged for increased fight against corruption as it is the bane of the Nigeria Society. He affirmed that the most positioned persons to fight this scourge are the accountants for without taming the monster of corruption, any effort at economic reengineering will be an effort in futility. Let the professionals standardize their practices”
On why Nigeria economy should be diversified, he said;” Nigerian economy is a mono-product import dependent country. Oil constitutes over 90% of our foreign exchange earnings and about 12% of our GDP according to statistics from the Nigerian Bureau of statistics. This is why the various governments should always make it a policy to diversify the economy.
He also made it known that taxation could be a useful tool to restructure the economy by shifting from one sector of economic base to another in such a manner that will affect demographic including income distribution, employment and social hierarchy; institutional arrangements including the growth of the corporate complex, specialized producer services, capital mobility, informal economy, public outlays; as well as geographic spacing including the rise of mega cities, specialized regions and metropolitan growth differentials.
Earlier, the Acting Rector Federal Polytechnic Oko, Dr. Izuchukwu C. Onu informed that accountancy profession possesses the potency to revive the Nigeria Economy especially at this period the government is making efforts to revive the economy from depression. He also said that there is every need for accountancy profession to standardize for meaningful contribution to the Nigeria’s economic growth.
Dr. Onu who was represented by the Director of Academic planning, Federal Polytechnic Oko, Mr Ifeanyichukwu Okonkwo said that the seminar was timely at this stage of our nation development and the outcome he believes will impact positively on the students’, staff of Federal Polytechnic Oko and the society at large.
He commended the department for organizing the event and pledged that Oko Poly will continue to soar higher as one of the best citadel of learning.
The Head of Accountancy Department, federal polytechnic Oko, Chikwelu M. Mbonu described the event as part of the training that were meant to expose the students of the department to the society because it’s not only in the classroom they can learn the rudiments of Accountancy as a course in the Polytechnic.
Emphasizing on the need to restructure Nigerian Economy, Mbonu adviced that the most important thing Nigeria need today is to alleviate suffering and economic depression is economic restructuring as industries just contributes paltry 7% to Nigeria’s GDP while the service sector is mostly unproductive.
His words: “We can see that where we have competitive advantage is in the area of industry that is untapped. Manufacturing industries contributes just 7% but what we have in the service industry is more than 50% contribution to Nigeria GDP. Nigeria economy needs to be restructured and particularly, manufacturing industry is the area that need restructuring as it is the area that has higher yield for employment.”
The Institute of Chartered Accountants of Nigeria (ICAN) was not left out in encouraging students of federal polytechnic Oko as the body donated books and other valuable academic materials to the Accountancy Department of the Polytechnic.