Nigeria’s Ministry of Industry, Trade and Investment and Institute of Chartered Accountants of Nigeria collaborate on capacity building for SMEs in Nigeria

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Dr. Okechukwu Enelamah, the Minister of Industry, Trade and Investment, welcomed plans by the Institute of Chartered Accountants of Nigeria (ICAN), to collaborate with the Ministry and its agencies on capacity building and support for Small and Medium Enterprises (SMEs) in Nigeria.

Enelamah, who is also an ICAN member, expressed appreciation for the foundational training the institution offers, as well as its ability to maintain high standards. He also commended their contribution to the Financial Reporting Council of Nigeria (FRCN), which is one of the agencies under the ministry.

ICAN President, Razak A. Jaiyeola said the institution is particularly interested in the aspect of capacity building, support for SMEs and accountability for the various deliverables under Nigeria’s Economic Recovery and Growth Plan (ERGP). He said he would like to collaborate with the different agencies under the Ministry of Industry, Trade and Investment, saddled with the mandate of promoting initiatives to grow the sector.

According to Jaiyeola, “specifically we would like to engage with the Bank of Industry to support and assist accountants in Small and Medium Practices”.

He added that “we believe that if these small business practitioners are encouraged to expand their businesses, the quality of financial reporting will improve, more employment opportunities would be created, more people will be economically empowered and there will be a great diminution in the army of idle hands and societal deviants”.

Jaiyeola commended the Ministry for its role in the strategic efforts being made by the government to enhance the Ease of Doing Business and developing a corporate governance code that meets international standards, initiatives he noted are essential to attracting foreign investments.


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