Public Sectors have been urged to look forward a sustainable practices as an embraceable tool to creating long-term value in bid to foster company longevity by the Institute of Chartered Accountants of Nigeria (ICAN).
President, Tijani Isa and Registrar/Chief Executive, Prof. Ahmed Kumshe, In a communiqué signed by ICAN, said for economic growth and development, the adoption of sustainability practices in the country would help to determine the flow of new and mobile factors of production.
Considering the huge, youthful population and access to abundant natural resources, according to the institute, Nigeria is well positioned to attract new investment needed for the next wave of economic prosperity, adding that to build a prosperous nation, all enterprises including the public sector, must imbibe sustainables practices in all their activities.
ICAN also emphasised the need for a strong institutional framework in the country as a necessary requirement for the pursuit of a sustainable economy.
It noted that effective, transparent and accountable institutions are essential for sustainable development and critical for governments across all levels to deliver services to the people.
The institute argued that there is a connection between governance issues, environmental and social challenges, stressing that the recent flooding and drought in Nigeria are examples of how governance issues have given rise to environmental and social issues.
The association applauded the Federal Government for the establishment of the National Council on Climate Change (NCCC), noting that it is a watershed in the efforts of the country to show commitment to environmental issues.