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Here's how the SA-Nigeria Memorandum of Understanding will strengthen African accounting

by , 22 January 2013
The African accounting profession is set to be strengthened by a Memorandum of Understandingsigned by the South African Institute of Professional Accountants (SAIPA) and the Council for the Association of National Accountants of Nigeria (ANAN). The memorandum of understanding means the bodies agree to work together to promote the interests of members and the accounting profession in general. Here's how ...

The memorandum of understanding lays down the basis on which members of one organisation can become members of the other. This gives South African professional accountants the opportunity to practice in Nigeria, and vice versa, according to Business Day Online.
 
Nigeria is emerging as a key trading partner for South Africa, is a vibrant growing economy—and Africa's most populous country. Trade volumes between the countries expanded to $30 million in 2012.Nigeria has been one of the world's fastest growing economies since 2001, and its gross domestic product is expected to average 6.8% until 2015, adds BizCommunity.
 
The memorandum of understanding brings benefits to accountants in South Africa and Nigeria, as well as the African economy

'Nigeria's business environment is in strong growth mode, and so offers the South African professional accountant a great new market in which to operate,' says Shahied Daniels, CEO of SAIPA.
 
'We look forward to working closely with our Nigerian colleagues to build a reliable standards framework that will support bilateral trade and business.'
 
'Africa is steadily building a business-friendly environment that is attractive to international investors and promotes intra-regional trade. This link between two leading professional accounting bodies in Africa's two most important economies is an important step in building that environment, and offers potential to the members of both organisations,' says Chief TerkaaGemade, Chief Executive of ANAN.

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