Chartered Status Quest
CICMN... Building a cost effective and
efficient economy
In fulfillment of the legal requirements of every responsible organization seeking to carry on its stated objectives in Nigeria, the Institute of Cost Management, applied for and was duly incorporated. It is the desire of the institute to move beyond the level of incorporation to operate as a chartered institute.
Objective of the chartered Status
- To adequately position the institute to carry out its stated objectives without limitation
- To provide legal and unrestricted acceptance of certificates issued by the institute
- To ensure the rapid development of cost management practice in Nigeria
The need to grant the chartered status is justifiable economically, socially and politically. Economically, the Nigerian economy needs positive re-direction for enhanced development
Multi-discipline Cost management practice offers a home grown initiative directed at paradigm shift to cost management mindset and building up human resource capacity that would make optimum utilization of the resources of this nation and impart on the overall standard of living of the people of Nigeria. The high degree of corporate mortality could be traced to the absence of an effective and well articulated and regulated cost management practice in the country. The increasing rate of corporate mortality has a negative impart on the economy.
Socially, it would impact on the professional specialization which provides the much needed specialist input and touch into managing the economy for improved performance. Being a door of professionalism and specialization it would provide employment for teaming Nigerians. Gainful employment is a means of reducing social pressure. Job security would also be guaranteed as corporate mortality would be reduced.
Politically, Nigeria needs a lot to improve and booster her international confidence and credibility as a nation capable of managing resources and fighting corruption. A sound cost management system as a national policy would support the national quest for international acceptance. This would encourage the flow of foreign investment into the country. The absence of effective cost management in the past has encouraged a high degree of corruption and investment risk.
The widening gap between the level of social and educational development of African nations and the developed nation is major threat to social and economic alignment. For instance emphasis on Cost management System has started over 40 years in developed nations of the world. This means we are lagging in terms of the practice. This educational gap is being eliminated and as a matter of fact Nigeria assumed a leading position because of the multi-discipline approach being adopted in our own case. According to a leading Australian Cost Management Specialist, John Cleary, “What the Nigerian Institute of Cost Management has done is taking a lead in what develop countries has desired to do by institutionalizing cost management practice”
This effort would impart positively on the educational standard of the country. Granting the desire for chartered status, therefore, would further boost the position of the institute in relating with international communities for development of our educational system.
