Nigeria’s economy is showing early signs of stabilisation, but progress remains delicate, the Institute of Chartered Accountants of Nigeria (ICAN) said on Wednesday, stressing that accountability will be vital to sustaining fiscal reforms and driving national development.
The remarks were made during ICAN’s 2026 Economic Outlook, part of the institute’s 60th anniversary celebrations in Lagos. The event brought together policymakers, industry leaders, regulators, and professionals to examine how transparency and fiscal discipline can support sustainable economic growth.
ICAN President and Council Chairman, Mallam Haruna Yahaya, described the forum as both an opportunity to reflect on past achievements and a platform to propose practical solutions to Nigeria’s economic challenges.
“This edition of our Economic Outlook is particularly meaningful. At 60, ICAN is focused not on nostalgia, but on purposeful action,” Yahaya said.
He added, “Accountability is not just a governance principle; it is an economic necessity. Countries with strong institutions, transparent systems, and credible oversight consistently outperform those hindered by weak governance and impunity.”
Yahaya highlighted that Nigeria’s economy showed signs of stabilisation in 2025, with real GDP growth surpassing four percent in the second quarter, supported by gains in manufacturing, trade, and services. Inflation, though still high, eased to the mid-14 percent range by year-end, aided by tighter monetary policies and improving supply conditions.
External buffers also strengthened, with foreign exchange reserves reaching multi-year highs due to higher exports and reforms, while trade and current account balances returned to surplus.
Referring to the Purchasing Managers’ Index, which reached 57.6 points, Yahaya noted improving business confidence but cautioned that “progress remains fragile and must be protected through discipline, transparency, and accountability.”
Hajia Queensley Seghosime, Vice President of ICAN and Chairman of the 60th Anniversary Planning Committee, welcomed participants and highlighted the relevance of the Economic Outlook in the context of Nigeria’s ongoing fiscal and economic reforms. She pointed to initiatives such as revenue mobilisation, tax restructuring, and public financial management as crucial for macroeconomic stability and inclusive growth.
“Accountability anchors credibility in fiscal reforms,” Seghosime said. “It ensures that tax policies deliver public value, resources are efficiently deployed, and citizens’ trust in governance is strengthened. Without accountability, reforms fail; with it, they endure.”
Mohammed Hayatu-Deen, Chairman of Alpine Investment Service Limited and session chair, addressed the gap between macroeconomic stability and social outcomes. He warned that while inflation had eased, growth remained uneven, real incomes were recovering slowly, and poverty and inequality persisted.
“The key question is whether stability can be sustained and translated into outcomes Nigerians can feel,” Hayatu-Deen said. “Execution matters. Accountability determines whether budgets are realistic, revenues are collected, and debt is manageable.”
The forum also highlighted tax reforms enacted in 2025 as a structural shift for the country. Panellists emphasised that while these laws promote transparency and rule-based governance, their success depends on professional capacity and institutional compliance.
ICAN underscored the evolving role of accountants in Nigeria’s economy, noting that modern accountants are not only financial reporters but also custodians of fiscal credibility, governance, and sustainability, with responsibilities covering digital systems, ESG compliance, and risk management.
The Economic Outlook featured panellists including Dr Abiodun Adedipe, Dr Chinyere Almona, FCA, Abimbola Ogundare, FCA, and Mr Segun Ajayi-Kadir, with keynote speaker Prof Taiwo Oyedele, FCA, discussing strategies to strengthen governance, enhance accountability, and ensure Nigeria’s reforms deliver measurable results.
Yahaya concluded by urging participants to engage actively, share bold ideas, and commit to transparency and accountability as Nigeria enters a critical decade of economic transformation.
“ICAN’s role is grounded in measurement, disclosure, and professional courage,” he said. “Our commitment to accountability will remain central to national prosperity and to our relevance as an institution.”
