PROFESSIONAL ACCOUNTING SERVICES AND NIGERIA'S SUSTAINABLE ECONOMIC GROWTH

Abstract

growth for sustainable diversification beyond oil sectors. The study was conducted out of the noninclusion of accounting services among key non-oil sectors. Specifically, to examine the contribution of audit fees and other professional accounting services fees earned by registered professional accounting firms from listed firms to real gross domestic product (GDP) in Nigeria from 2018 – 2022. Ex-post facto research design was adopted in the study. The population was the one hundred and seventy (176) companies from twelve (12) sub-sectors listed firms in the Nigerian Security Exchange (NSE) now the Nigerian Exchange Group (NGX) that deployed the accounting firms' services from 2018 financial year to December 31, 2022. The data were analysed using descriptive statistics and multiple regression analyses. The results showed that audit fees and other related accounting services fees earned by the listed accounting firms through the select listed firms significantly contribute positively to GDPof Nigeria. It was concluded in the study that professional accounting services (audit fees and other related accounting services fees) earned by accounting firms significantly contribute to Nigeria's economic growth (real GDP) for sustainable diversification beyond oil and non-oil sectors. It was recommended among others that, other listed accounting firms should be synergized for greater impact like the 'Big 4' and attraction of more services and the listed accounting firms should render other accounting services beyond the traditional ones like entrepreneurial accounting services, political campaign fund managers and nation's accounting advisers.