The South African Institute of Professional Accountants have  signed a Memorandum of Understanding with its Nigerian counterpart, the Council for the Association of National Accountants of Nigeria (ANAN). In terms of the memorandum, the two bodies agree to work together to promote the interests of members and the accountancy profession in general.

At a practical level, the memorandum lays down the basis on which members of one organisation can become members of the other, thus giving the South African Professional Accountant (SA) the opportunity to practice in Nigeria, and vice versa.

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 two 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.

“Nigeria’s business environment is in strong growth mode, and so offers the South African Professional Accountant (SA) 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 accountancy 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 Terkaa Gemade, Chief Executive of ANAN

Source : abdas.org