Progressive development can't be achieved through isolated interventions - Dr Rabiu Olowo

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By Madu Obi

The Executive Secretary and Chief Executive Officer of the Financial Reporting Council, FRC, Dr Rabiu Olowo, has called for the establishment of strong institutions to ensure sustainable economic growth, arguing that progressive development can no longer be achieved through isolated interventions.

Delivering the keynote address at the 7th International Conference organized by the Department of Accountancy of Nnamdi Azikiwe University, Awka, Olowo said that economic transformation requires the working together of the various sectors for sustainable technological innovations.

According to him, having demographic advantage does not guarantee prosperity, stating that history has shown that nations succeed, not just because of their resources, but because of the quality of their institutions and development strategies.

He observed that with the world experiencing technological regulation, Nigerian universities must adapt to the changing realities.

He said: "We have all heard about Sustainable Development Goals, SDG, but unfortunately there is no country in Africa that can meet that goal by 2030. Some states are catching up, but the reality is that the same way we could not meet the target of the Millennium Development Goal of 2000, we will not meet the SDG by 2030.

History offers numerous examples of nations endowed with abundant resources and favourable demographics that nevertheless failed to achieve sustainable development. Conversely, countries with relatively limited resources have transformed themselves into economic powerhouses through effective institutions, technology, sound governance, strategic investments in human capital, and commitment to transparency and accountability.

In the absence of reliable financial information, markets become inefficient. Capital is mis-allocated. Investors become reluctant to commit resources. Economic opportunities are lost. The consequences of poor financial reporting have been demonstrated repeatedly through corporate collapses and financial scandals across different parts of the world. In nearly every instance, the erosion of confidence preceded the destruction of value."

He said further: "For Africa, where significant investments are required to address infrastructure deficits, industrialisation challenges, and development financing gaps, the importance of credible financial reporting cannot be overstated.

The African Development Bank estimates that the continent faces an annual infrastructure financing gap running into tens of billions of dollars. Closing this gap will require substantial private sector participation and international investment. Such investments will only materialize where transparency, accountability, and confidence in financial information are firmly established.

We must first address sustainability which has moved from policy discussions to the centered age of decision -making. Investors, regulators, consumers, communities are increasingly excessive of organizational change that determines how we manage environmental social problems and opportunities.

The complexity of modern economic systems requires integrated solutions. Accounting, governance, technology, and sustainability are no longer independent disciplines operating in separate spheres. They have become interconnected drivers of development whose collective impact will largely determine the trajectory of Africa's future.

The lesson is clear: The future of Africa will not be determined solely by what lies beneath its soil or by the size of its population. It will be determined by the quality of its institutions, the effectiveness of its governance systems, the credibility of its reporting frameworks, and the sustainability of its development strategies."

"Across the world, countries that have achieved remarkable economic progress share a common characteristic: strong institutions supported by effective governance systems.

Their success has not been accidental. It has been built upon transparency, accountability, ethical leadership, respect for the rule of law, and efficient management of resources.

Governance influences how resources are allocated, how risks are managed, how decisions are made, and how organisations respond to stakeholder expectations.

Effective governance promotes ethical behaviour, strengthens oversight, reduces corruption, enhances operational efficiency, and supports long-term value creation. Weak governance, on the other hand, often leads to inefficiency, waste, regulatory failures, and loss of public trust."

Olowo observed that every successful economy is built on trust, stressing that investors invest because they trust the information available to them.

"Lenders provide credit because they trust financial reports and disclosures. Governments formulate policies because they trust economic data. Citizens place confidence in institutions when transparency and accountability are evident.", he added.

The Vice Chancellor of Nnamdi Azikiwe University, Professor Ugochukwu Anyaehie, commended the Department of Accountancy for attracting such a high caliber conference to the institution and announced that plans are on to create a separate Faculty of Accountancy in the University.

He also said that quality professionals would be appointed to teach in specialized areas in the UNIZIK Business School, as part of efforts to make UNIZIK one of the best in Africa.