The cream of the Nigerian Bar Association (NBA) gathered this week at the 17th edition of the Nigerian Bar Association Section on Business Law (NBA-SBL) conference and exhibition in Lagos.
The conference is titled ‘The Nigerian Business Landscape – Priorities for Law, Policy, and Regulation’.
Following the inauguration of a new administration of President Bola Tinubu that inherited significant economic challenges, the conference gathered leaders of thought and subject matter experts from various fields to deliberate on these issues and develop solutions to support the government in its formidable task of economic recovery and growth.
The conference commenced with a dinner graced by Mr Babajide Olusola Sanwo-Olu, the governor of Lagos State, represented by the Secretary to the State Government, Barr ‘Bimbola Salu-Hundeyin.
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During his address, Governor Sanwo-Olu pledged his administration’s commitment to support businesses by fostering a favourable regulatory environment, formulating growth-oriented policies, and enacting laws that promote innovation and transparency.
He stated, “My administration is dedicated to simplifying the business processes in Lagos State by continually reviewing official procedures and regulations to enhance the ease of doing business. We are also devoted to collaborating with the Nigerian Bar Association to improve our judicial system, ensuring fair and efficient adjudication in line with the principles of justice and the rule of law.”
In his keynote speech, the Country Director for Nigeria at the World Bank, Shubham Chaudhuri, identified three crucial factors for stimulating economic growth and reducing poverty levels in countries. These factors are: “Firstly, ensuring law and order and establishing a foundation of good governance. Without security and the rule of law, no country has managed to achieve sustainable growth. Secondly, investing in human capital, and thirdly, unlocking private investments to generate job opportunities.”
Chaudhuri emphasised that the first two factors; law and order/rule of law and investment in human capital, are vital for unlocking the potential of private investments and creating job opportunities. He said, “To reduce poverty, create jobs, and improve lives for all, it is essential to unleash the potential of private enterprises to not only establish but also expand and generate jobs that offer economic opportunities for everyone. Governments should focus on the first two factors and create an environment that enables private investors to thrive.”
The president of the NBA, Yakubu Chonoko Maikyau (SAN), attending the NBA-SBL conference for the first time in his capacity as NBA president, stated that the platform provides the legal body with an opportunity to examine recent developments in the business environment and their impact on business operations.
He added, “This conference also allows us to address one of the new government’s significant tasks, which is the infrastructure deficit. We must address both the physical and social infrastructure gaps by establishing appropriate regulatory and commercial frameworks that attract the right public and private sector partnerships for sustainable growth and development. It is crucial to emphasise that laws, rules, and regulations should always aim to promote peace and generate economic growth and empowerment for the citizens.”
Dr Adeoye Adefulu, chairman of the NBA-SBL, emphasised the critical need for inclusive and rapid economic growth, particularly in light of Nigeria’s present economic challenges. He advocated for a reassessment of Nigeria’s economic policies as a means of addressing these challenges.
