Rabiu Olowo, chief executive of Nigeria's Financial Reporting Council, has urged African nations to harness accounting as a tool for economic change.
He spoke Wednesday at a conference symposium held at Nnamdi Azikiwe University in Awka. The university's accountancy department organized the 7th International Conference Symposium.
According to Olowo, the conference theme couldn't be more timely. "Shaping Africa's Future through Accounting, Governance, Technology and Sustainable Business Management" speaks to real challenges facing the continent.
Africa's problems are too complex for piecemeal solutions, he argued. Modern economic systems demand integrated approaches across multiple disciplines.
Accounting, governance, technology, and sustainability are no longer separate fields operating independently. "They have become interconnected drivers of development," Olowo stressed.
He rejected the narrow view of accounting as mere compliance work. Instead, it must serve as a strategic force driving economic transformation.
"It provides the foundation upon which sustainable growth, investment attraction, and institutional credibility are built," the FRCN boss affirmed.
Olowo commended the university for bringing together scholars, practitioners, policymakers, and industry leaders. Such gatherings matter as Africa grapples with building prosperous, accountable futures.
Soil wealth and population size won't determine Africa's trajectory, he said. What counts are strong institutions and trustworthy governance systems.
Poor financial reporting destroys markets, he noted. Capital flows to the wrong places when reliable information doesn't exist.
Investors grow hesitant without credible data. Economic opportunities simply vanish in such environments.
Accounting stands as one of the most powerful tools for development available to any economy. It creates the information backbone supporting markets, institutions, and government decisions.
Trust underpins every successful economy, Olowo emphasized. Investors risk their money because they believe the financial information they receive.
Lenders extend credit based on trust in financial reports. Governments shape policy based on economic data they can rely on.
Citizens develop confidence in institutions when they see transparency and accountability in action. Accounting bridges economic activity and public trust.
Many still view accounting as simply recording and classifying transactions. This definition misses the transformative power accounting holds in modern economies.
Shaping Africa's future requires no single policy or technology breakthrough. Rather, it demands collective commitment to strengthening institutions across the continent.
