Nigeria’s ongoing economic, fiscal and judicial reforms came under critical review at the 20th Annual International Business Law Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL), with stakeholders urging the government to prioritise measurable results over policy pronouncements.
The conference, themed “Beyond Reforms: Measuring Policy Impact,” examined how current economic, legal and regulatory reforms are translating into tangible benefits for businesses, investors and ordinary Nigerians.
Representing the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), Hussein Taiye Oloyode, Senior Special Assistant to the President on Arbitration and Drafting in the Office of the Attorney-General, said Nigeria is undergoing one of its most ambitious reform programmes since the country’s return to democratic rule.
He highlighted reforms across key sectors, including foreign exchange management, taxation, energy, ease of doing business and public sector transparency.
According to him, the unification of the foreign exchange market has enhanced transparency, reduced market distortions and strengthened investor confidence.
Hussein said the true success of the reforms would be determined by their ability to improve the business environment, attract investment, expand the tax base and stimulate sustainable economic growth.
He explained that the administration’s tax reform agenda is aimed at simplifying tax administration, eliminating multiple taxation and creating a more predictable business climate.
He also cited increased domestic refining capacity, new foreign investment commitments and reforms designed to strengthen energy security and create employment opportunities.
While acknowledging improvements in external reserves, capital market performance and crude oil production, Hussein stressed that sustained economic growth depends on strong legal and institutional frameworks.
He disclosed that the Federal Ministry of Justice is implementing the National Policy on Justice 2024–2028 to improve access to justice through technology-driven legal processes.
He added that the government is also reviewing Nigeria’s arbitration and Alternative Dispute Resolution (ADR) framework to align it with international best practices and improve investor confidence.
Hussein cautioned against implementing reforms without evaluating their impact and called on the NBA Section on Business Law to develop objective benchmarks for assessing policy effectiveness.
Representing the Chief Justice of Nigeria, Justice Mohammed Ambi-Usi Danjuma of the Court of Appeal said the judiciary plays a critical role in ensuring that reforms translate into economic development.
He noted that although Nigeria has an extensive legal and regulatory framework governing business and investment, the key issue is whether those laws are delivering the intended outcomes.
Justice Danjuma highlighted ongoing judicial reforms, including fast-track procedures for commercial disputes and the expansion of mediation and Alternative Dispute Resolution mechanisms to improve the efficiency of justice delivery.
He, however, expressed concern that many legal practitioners continue to favour conventional litigation over ADR, thereby slowing the resolution of commercial disputes.
The appellate court justice called for closer collaboration between judges and lawyers through continuous training and knowledge-sharing initiatives to strengthen the justice system.
Speaking at the conference, Nigerian Bar Association President, Mazi Afam Osigwe (SAN), urged policymakers, regulators and legal practitioners to pursue reforms that enhance Nigeria’s competitiveness and attract investment.
He said reforms should not be measured by the number of policy announcements but by their ability to produce meaningful benefits for businesses, institutions and citizens.
“Reforms should be assessed not by the volume of policy announcements but by their ability to deliver tangible benefits to businesses, institutions and citizens,” he said.
Osigwe added that every reform initiative should contribute directly to economic growth and improve Nigeria’s competitiveness in the global economy.
Also speaking, Chair of the NBA Section on Business Law, Mrs. Ozofu ‘Latunde Ogiemudia, maintained that the effectiveness of reforms should be judged by their impact on the lives of ordinary Nigerians rather than the number of policies introduced.
The conference brought together senior lawyers, judges, policymakers, regulators, investors and business executives, who collectively emphasised the need for reforms that deliver measurable improvements to Nigeria’s economy, business environment and justice system.
