Jul 28, 2019

Growing the Economy through Legal Reform: The Challenges and Interventions

The role of law forms the basis for economic growth of a nation and it has been said that a sound economy is the surest engine of growth and the shortest route to tackling the challenges posed by poverty in Nigeria. Taking other developed nations as an example, they have sound laws which contribute to their country’s development and in turn strengthen their political stability and good governance. These developed nations use law as a catalyst for economic development. 

To ensure a sound economy, the legal regime must be sound and equally provide that there is a sound regulation for every sector of the country.

The Nigerian legal regime for economic development is faced with a myriad of problems, ranging from archaic laws to multiplicity and overlaps of the laws and weak institutional systems. Our laws on economic development are to take cognizance of social conditions, emerging trends and international development. For example, in some developed nations, business laws help small and medium scale enterprises to grow and manage their businesses. 
However, in Nigeria, we see a little bit of this in “the ease of doing business in Nigeria” where small business owners are encouraged to register their businesses online. Although, this is a good step in the right direction. However, there are no laws regulating this and we still have a long way to go. Thus, in a bid to grow the economy, legal reforms must be carried out by the National Assembly on every aspect of the economy- Agriculture, Taxation, Justice, Banking, and Investment and so on with a view to removing legal and other impediments and ensuring the development of the country.

Nigeria is currently facing serious challenges in terms of shrinking economic growth, high inflation rate, high unemployment and unstable foreign exchange and the only way we can grow the economy is through appropriate legal reforms in every sector.

The various issues and interventions of driving regulatory compliance without stunting the growth of business would be discussed at the Plenary Session of the NBA Annual General Conference scheduled to hold on;

Date: Tuesday, 27th August 2019

Time:  11.00 – 12.30

Venue: Kayode Eso Hall, Harbour Point


Moderator: Emeritus Professor Isaac O. Agbede

Panelists:     Dr. Jumoke Oduwole

Yewande Sadiku

Dr Doyin Salami

Toyin Bashir


Join the discussion