One of the major hindrances to the expansion of businesses in Nigeria is attributed to the delayed process of dispensing justice in the country. During the 2024 Law Week recently held in Abuja, the Nigerian Bar Association brought together a panel of experts to address the issue with the event themed “Doing Business in Nigeria: Economic Survival and Justice Delivery, where is the Meeting Point?” Experts at the event thoroughly analysed the obstacles affecting justice delivery, the implications on business development, and proposed strategies to overcome these challenges.
Speaking at the event, Kingsley Obiukwu, the group managing director of Bolton White Group, called on the importance of Nigerian citizens taking action to improve the legal system. He highlighted that each individual has a responsibility to help make the Judiciary system more efficient and open. Obiukwu pointed out that enhancing the system will have a beneficial effect on businesses in the country. The Judiciary system in the country moves at a sluggish pace and often fails to uphold fairness. For businesses to thrive, the system must be reliable, he added.
Corruption in the system is impeding businesses growth.
Being a proud Nigerian engaged in business within the country, he recognized the harsh economic conditions that businesses are currently confronting. Obiukwu pointed out that Corruption and other obstacles within the system are hindering the potential of businesses and impeding their growth. He remains optimistic that the judiciary system will operate fairly and efficiently in Nigeria. He also expressed that it is essential to continue working together towards a shared vision for the future of Nigeria.
Laws and regulations have a major impact on the rules that govern business activities, either helping or hindering economic progress. It sets the stage for defining property rights, enforcing agreements, and settling conflicts, all vital for stimulating investment, fostering innovation, and ensuring economic balance. Overly strict regulations and unnecessary bureaucratic procedures can limit entrepreneurship and impede the development of new ideas. Conversely, implementing a fair set of regulations that prioritize the well-being of the public alongside promoting the expansion of businesses has the potential to contribute to widespread economic prosperity.
Judiciary urged to promote a working justice system.
Recall that President Bola Tinubu, had in April, emphasized on ensuring a fair legal system during the opening of this year’s National Summit on Justice in Abuja. He urged the judiciary to implement changes that would promote a working justice system, protect the rights of citizens, and provide Security for all Nigerians while also supporting the country’s economic growth. Tinubu believes that cooperation among government institutions, such as the executive, legislative, and judicial branches, are essential in recognizing and addressing the issues facing Nigeria. By coming together to brainstorm and find solutions, significant progress can be made in overcoming the country’s challenges.
He said the judiciary should adapt their actions to adhere to the principles of his administration’s Renewed Hope Agenda, focusing especially on inclusivity, fairness, rule of law, and anti-corruption efforts, among other priorities. During the summit, Tinubu reiterated his administration’s commitment to fairness and upholding constitutional values. He highlighted the importance of institutions in the sector pushing boundaries to identify necessary system changes and critical reforms, ultimately allowing Nigerians to benefit from huge investments in the sector.
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Tinubu further expressed the federal government’s commitment to fulfilling its commitments to the citizens of Nigeria to restore hope, using the law and principles of justice to provide opportunities for the population. The president highlighted the necessity of a robust system that can keep up with the expanding economy, ensure individual rights, and deliver security and justice to everyone. Ultimately, the goal is to establish a judiciary system that meets the needs of the citizens.