COVID-19: ACFE Optimistic about Economy

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By Omolabake Fasogbon

The Association of Certified Fraud Examiners, ACFE, Lagos State Chapter, has expressed optimism about Nigerian economy bouncing back post COVID-19.

President of ACFE, Lagos State Chapter, Prof. Godwin Oyedokun, made this position known in Lagos while addressing the press recently.

According to the fraud examiner, the event of COVID-19 has changed people’s orientation and opened their eyes to economic opportunities that were hitherto ignored .

He noted that the pandemic has brought about innovations, reinvention and creativity that could lift the economy if well managed and sustained.

“For instance, before now, Nigerian tailors have never taught of producing facemask, the crisis has opened their eyes to new opportunities that is creating jobs for others. Many organisations are exploring technology tools to make things happen, thus saving cost while politicians are adjusting to local realities.

“This is a period that we will be requiring a lot of import substitution because even after COVID-19, it will take time before the global economy returns to shape.

“It has come to the stage where Nigeria needed to learn how to produce and patronise local items to save the economy.This is the time for private sector to redefine their operational and business strategies as well as do away with wastages.

“Already, we are learning how to look inward, this must be sustained to keep the economy.

Oh his part, ACFE Secretary, Lagos State Chapter, Pius Edobor, expressed that corrupt practices must be killed to keep the economy buoyant.

He stated that a lot of corrupt practices were being practised underground even now that the country is passing through challenges.

“Responses to covid-19 have seen breaches of anti-corruption standard such as cutting corners in procurement processes; this invariably has seen authority in charge enriching their pocket at the detriment of citizens.

“The effect of the corruption will make aggregate demand to fall, and cause increase in government expenditure.

He called for accountability and transparency in every government efforts.