The recent call by the Chief Justice of Nigeria, Justice Tanko Muhammad, for quick justice delivery in commercial disputes, must have gladdened the heart of Vice President Yemi Osinbajo, especially as that seems to be the missing link in the government’s commendable efforts towards improving ease-of-doing-business in Nigeria.
People generally underestimate the adverse effects that commercial disputes have on the growth of an economy.
These effects are many and varied, but the key ones include, first, the disruption in the smooth running of economic activities with the attendant presence of idle capital that could otherwise be put to meaningful use.
Second, the distrust that ultimately crops up amongst the disputing parties that has the potential to put paid to future beneficial engagements. Third, the air of uncertainty that pervades the business environment and discourages many a prospective investor in the economy. It’s noteworthy that each of the foregoing has its unique spinoffs which, cumulatively, can stunt the growth of the economy.
Of course, disputes are inevitable in any human engagement, but the availability of ready mechanism to quickly and satisfactorily assuage those seeking redress is what makes the difference. And that’s where the call by the Chief Justice comes handy.
We surely need specialised courts to handle financial matters, so that disputes are dispensed with speedy as against the laborious and time-wasting processes, common with the conventional courts.
This is definitely an area that the presidential committee that’s charged with the task of improving the business climate in Nigeria, needs to focus on. Many prospective foreign investors shun our economy because of the seemingly endless legal rigmarole associated with commercial dispute resolution.
With the Chief Justice lending his voice to the need for quick justice delivery in commercial disputes, the coast seems to be cleared for the establishment of special courts to handle financial cum commercial disputes, hence, the great prospects for pushing the ease-of-doing-business efforts some notches up. This is good for the growth of Nigeria’s economy.
Sani Badamasi, Abuja.
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