Stakeholders Demand Impact-based Assessment of Nigeria’s Economic, Judicial Reforms

Nigeria’s economic, fiscal and judicial reforms came under scrutiny at the 20th Annual International Business Law Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL), with stakeholders calling for measurable outcomes rather than policy declarations.

The conference, themed “Beyond Reforms: Measuring Policy Impact,” assessed the effectiveness of President Bola Tinubu’s Renewed Hope Agenda and efforts to position Nigeria as an investment destination.

Representing the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), Oluyede Hussein said Nigeria was experiencing one of its most ambitious reform periods since the return to democracy.

He highlighted key reforms in foreign exchange management, taxation, energy, ease of doing business and public sector transparency.

Hussein said the unification of the foreign exchange market had improved transparency, reduced distortions and boosted investor confidence.

He stressed that the success of reforms would be measured by their ability to improve business conditions, attract investment, expand the tax base and drive economic growth.

According to him, the administration’s tax reform programme seeks to simplify tax administration, eliminate multiple taxation and create a predictable business environment.

He also pointed to increased domestic refining capacity, fresh foreign investment commitments and reforms aimed at strengthening energy security and job creation.

While acknowledging gains in external reserves, capital market performance and oil production, he said sustainable growth requires strong legal and institutional frameworks.

Hussein disclosed that the Ministry of Justice is implementing the National Policy on Justice 2024–2028 to improve access to justice and promote technology-driven legal processes.

He added that the government is reviewing Nigeria’s arbitration and alternative dispute resolution framework to align with international standards.

Warning against reforms without evaluation, he urged the NBA-SBL to develop objective benchmarks for assessing policy effectiveness.

Justice M.A. Danjuma, representing the Chief Justice of Nigeria and the President of the Court of Appeal, said the judiciary remains central to translating reforms into economic growth.

He noted that while Nigeria has extensive laws and regulations governing business and investment, the real issue is whether they are producing the desired outcomes.

Danjuma highlighted judicial reforms, including fast-track commercial dispute resolution procedures and expanded mediation and ADR mechanisms.

He, however, expressed concern that many lawyers still prefer conventional litigation, slowing the resolution of commercial disputes.

The appellate court justice called for stronger collaboration between judges and lawyers through training and knowledge-sharing initiatives.

NBA president, Mazi Afam Osigwe, urged stakeholders to pursue policies that make Nigeria more attractive to investors and improve citizens’ welfare.

He said every reform initiative should contribute to economic growth and national competitiveness.

NBA-SBL Chair, Ozofu Latunde-Ogiemudia, maintained that reforms should be judged by their impact on ordinary Nigerians rather than by policy announcements.

Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said the Renewed Hope Agenda was designed to encourage inter-ministerial collaboration and coordinated policy implementation.

She cited achievements including tax reforms, investment legislation, the National Single Window initiative and implementation of the AfCFTA Digital Trade Protocol, adding that government has adopted a performance-tracking framework to monitor delivery.

The conference attracted leading lawyers, judges, policymakers, regulators, investors and business executives, all united in the call for reforms that deliver measurable benefits to Nigerians and the economy.