Nigeria needs 1m professional accountants by 2020 - ACCA

The Association of Chartered Certified Accountants (ACCA) has disclosed that the services of one million professional accounts would be required by the year 2020 to sustain the tempo of the country’s economic growth.

Head, ACCA Nigeria, Mrs. Toyin Ademola, made the disclosure at the 2014 Student Colloquium held at African Sun Amber Residence, Ikeja, Lagos. According to her, other African countries will also require one million certified accounting professionals by 2020 to support the continent’s economic development.
She disclosed that the commitment of ACCA to producing ethical, qualified and certified accounting practitioners in Nigeria was informed by the need for the finance professionals to support the system.
Ademola said: “As such, we would continue to provide convenient and flexible means for students and professionals to get ACCA certification as we now run computer-based examinations. We also create opportunities for our student members to get employment opportunities.”
She identified lack of proper financial management and accounting skills as a major challenge confronting Small and Medium Enterprises (SMEs) in Nigeria.
Ademola listed poor under-standing of how to manage their financial books among other factors such as lack of infrastructures and funding militating against SMEs.
She stated that all businesses required the service of a qualified finance person, noting that sound accounting skills will propel SMEs to run their businesses in an efficient way.

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