The Nigerian Bar Association (NBA), alongside key business and legal stakeholders, has called on policymakers to shift focus from merely announcing reforms to measuring their tangible impact on citizens, businesses, and the economy. This demand was made during the opening dinner of the 20th Annual Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL), held under the theme “Beyond Reforms: Measuring Policy Impact.” The event gathered legal practitioners, government officials, business leaders, and economic experts to evaluate the effectiveness of ongoing economic and regulatory reforms in Nigeria.
Conference Highlights and Key Speeches
In her welcome address, the Chair of the NBA-SBL, Mrs. Ozofu Latunde-Ogiemudia, emphasized that the conference has served as a crucial platform for dialogue between the legal and business communities for two decades. She noted that while Nigeria has implemented significant reforms in recent years, including changes in tax and economic policies, the real measure of success lies in the concrete benefits delivered to citizens. “We have witnessed reforms across various sectors, including taxation. However, the true test of reform is not its announcement but its impact on the people. This is what we aim to examine through this session,” she stated.
The NBA President, Mazi Afam Osigwe, SAN, stressed the importance of creating an environment conducive to investment and economic growth. “The key is how to make Nigeria a more attractive destination for investment. Whatever we do here should contribute to improving Nigeria’s economy and making the country better for everyone,” he remarked.
Government’s Reform Agenda
The Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, SAN, represented by Hussein Oloyede, Special Assistant to the President on arbitration, drafting, and regulations, delivered a keynote address outlining the Federal Government’s reform agenda and its implications for economic development. Fagbemi described the conference as an important platform for discussions on business law, economic policy, institutional reforms, and commercial development in Nigeria and across Africa.
He highlighted that the Federal Government has introduced a wide range of policy measures aimed at laying the foundation for sustainable economic growth. These include fiscal and tax reforms, foreign exchange market reforms, ease-of-doing-business initiatives, energy sector reforms, and programs designed to attract investment. According to him, these reforms have enhanced transparency, strengthened investor confidence, and encouraged a more market-driven economy. “Investors, both local and foreign, have gained confidence and continue to support the process. While the transition has not been without short-term challenges, business growth has been impressive, and there is now greater transparency and direction,” he said.
Fagbemi added that international financial institutions have acknowledged Nigeria’s reform efforts and expressed confidence that the administration’s policies will continue to strengthen governance, national security, and economic resilience.
Judicial Perspective
The Chief Justice of Nigeria (CJN), represented by Justice M.A. Danjuma of the Court of Appeal, Abuja Division, stated that the law must remain a tool for justice, accountability, and national development. He described the conference as timely, offering stakeholders an opportunity to critically evaluate government policies against global best practices. “The law should ensure that justice is done. This conference provides a valuable opportunity to analyze and compare government policies with those in other jurisdictions. The Federal Government has implemented several policies aimed at improving the economy,” he noted.
Call for Tangible Outcomes
Other speakers at the opening dinner agreed that while reforms are necessary for economic transformation, their success must ultimately be measured by tangible outcomes. These include improved living standards, stronger institutions, increased investment, and sustainable economic growth. The consensus was that policymakers must prioritize measurable impact over mere policy announcements to ensure that reforms truly benefit the Nigerian people and the economy.
