The Nigerian Bar Association Section on Business Law (NBA-SBL) recently held its 17th Annual International Business Law Conference, where stakeholders discussed the crucial role of law, policy, and regulation in driving sustainable growth and economic development.
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The conference, themed “The Nigerian Business Landscape: Priorities for Law, Policy, and Regulation,” set the agenda for the new administration, focusing on areas such as startups, artificial intelligence (AI), agriculture, and energy transactions.
Dr. Adeoye Adefulu, Chairman of the Nigerian Bar Association’s Section on Business Law, emphasized the urgency of implementing laws and regulations to enhance economic growth and job creation. He highlighted the impact of past NBA-SBL conferences on key issues such as the Companies and Allied Matters Act (CAMA) and the Petroleum Industry Act (PIA), which aided the government in decision-making and reforms.
Adefulu stated, “Beyond the conference, our work is to ensure the regulatory works best for investors… We work with different regulatory institutions regularly, helping them sharpen the laws those regulations are based upon.”
Addressing the need for dynamic legislation, Adefulu emphasized that the legal environment, policies, and regulations must adapt to the dynamic nature of Nigeria’s growing young population. He stressed the importance of creating an environment that attracts businesses, engages the younger generation, and fosters economic growth.
Dr. Shubham Chaudhuri, World Bank Country Director for Nigeria, delivered the keynote address, underscoring the critical role of law, policy, and regulation in driving sustainable growth and economic development. He emphasized that upholding the rule of law, promoting investments in human capital, and creating an enabling environment for private investments are foundational to a country’s development.
Chaudhuri highlighted the World Bank’s support for Nigeria’s development programs, noting that the board has approved approximately ten and a half million dollars in concessional financing to eliminate poverty and promote a better future. He expressed the World Bank’s commitment to being a trusted partner, offering ideas, analysis, and sharing experiences from other countries to help Nigerian partners find solutions to developmental challenges.
NBA President, Y.C. Maikyau (SAN), called for a balance between business interests and policies and regulations in the Nigerian business landscape.
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