Matthew Ojebola

Thursday, 2 Dec 2010

The adoption of the International Financial Reporting Standard by the Nigerian financial sector will enhance foreign investment in the Nigerian economy, an IFRS expert, Mr. Charley Best, has said.

Best, who is the Vice-President, Issues Central Incorporated, said this at the IFRS executive briefing in Lagos on Monday.

According to him, with the population of the companies on the Nigerian Stock Exchange’s list and the global foreign investment change, the adoption of IFRS will boost foreign investment in the country.

He said,’The foreign investors do not understand what Nigerian local Generally Accepted Accounting Principles is all about in terms of accounting standard, but IFRS is understood globally, which allows companies financial status accessible to other countries around the world.

When Nigeria starts using the same account standard as other countries, it will bring more capital inflow into the country“s growing economy and encourage international companies to setup their offices in Nigeria.

Source: Punch