FRC Advocates for Strong Institutions to Boost Economy

Dr. Rabiu Olowo, the Chief Executive Officer of the Financial Reporting Council (FRC), emphasized the need for strong institutions to achieve sustainable economic growth during his keynote address at the 7th International Conference organized by the Department of Accountancy at Nnamdi Azikiwe University, Awka. He argued that progress in development can no longer be achieved through isolated interventions, highlighting that economic transformation requires collaboration across various sectors.

Olowo noted that no African country is on track to meet the Sustainable Development Goals (SDGs) by 2030 and pointed out the historical failures of resource-rich nations to achieve sustainable development. He stressed the importance of credible financial reporting and the need for substantial private sector participation to address the annual infrastructure financing gap estimated at ten billion dollars by the African Development Bank.

Olowo concluded that Africa's future will depend on the quality of its institutions, governance systems, and financial reporting frameworks.