Experts in law and finance including top government officials have highlighted the significant role of law in engendering economic prosperity for Nigeria during the 15 years anniversary lecture for T & A Legal held in Lagos.
The Chairman of the Federal Inland Revenue Service, Dr. Zachaeus Adedeji while speaking, stated that the role of law is not just as a regulatory mechanism, but as a tool for enabling innovation, fostering inclusion, and unlocking the nation’s vast resource.
Zeroing in on the role of FIRS, Adedeji stated that an efficient, fair, and transparent tax laws not only empowers governments to provide essential infrastructure, education, and healthcare but also foster compliance and build a sense of shared responsibility,
He said by aligning Nigeria’s legal systems with the realities of a modern economy, it was possible to create a foundation that supports innovation, encourages investment, and ensures inclusive growth, emphasising that the Tax reforms Bill represents more than just fiscal policy changes, he noted that implementation of the reform underscores a commitment to equity, inclusion, and the creation of a tax system that works for all Nigerians.
In her keynote address on the topic titled” Driving the Future Economy in Nigeria, the Catalytic Role of Law”, the Minister of State for Industry, Trade and Investment, Dr. Jumoke Oduwole noted that she was proud to be associated with the milestone achievement of the firm, adding that the feat speaks to the power of vision.
She noted that the Federal Government would continue to create enabling environment and laws that would support investment retention and promotion thereby engendering prosperity for the people; citing example of the tax reform bills currently with the National Assembly, she said such bill would have multiplier effect on the economy once it is passed.
“We believe very strongly that unless you support businesses operating in Nigeria, of which this firm is one, we really wouldn’t get more investment necessary to catalyze our economy,” she added, explaining that the FG would leverage trade policy to drive more investments into the country.
According to her, FG is determined to operationalize AFCFTA in a way that it would help Nigeria trade across Africa and the rest of the world.
“We want to use several techniques such as free zones, commodities exchanges to really help private sector to deliver that one trillion GDP that we want to see,” she said.
In his remarks, Commissioner for Finance, Ekiti State, Akintunde Oyebode while dissecting the topic stated that using the law to drive the current economy in Nigeria may not achieve the desired expectation unless there is a rethink on fiscal federalism.
Oyebode said that there a lot of abnormalities with the constitution especially as it relates to economy noting that the law is strongly tilted to strengthen the centre, leaving very little for the sub-nationals to work with.
He asserted that there were a lot of legal obstacles and bureaucratic bottlenecks that hinder business activities and economic growth and urged the FG to continue to evolve through its laws if it intends to build an economy for the future.
“Economic growth and development are predicated on policy consistency. Anyone seeking to invest in a business environment should be assured of a level of policy consistency totally unaffected by change of government or administration,” he said.
While highlighting the important role that law plays in achieving a thriving and healthy economy, he said there is need for the country to align its laws and policies with the intention of building a vibrant economy comparable to other economies in Africa or even globally.
Delivering his welcome remarks at the occasion, the Co-Founding Partner, T & A Legal, Seyi Adisa described the 15 years milestone achievement of the firm as a celebration of vision and commitment of the founders, which have contributed to its current status, noting that the public discourse for the celebration was conceived with the intention to inspire new ideas, partnerships, initiatives that will pave the way for a brighter future and a more prosperous Nigeria.
The event featured a panel session that paraded impressive line of speakers such as the Commissioner for Innovation, Science & Technology, Lagos State, Olatubosun Alake, Co-founder, Max, Adetayo Bamiduro, Partner, Banwo, Deji Oyebode, Executive Director, Cardinal Stone, Mohammed Garuba and Chief Executive Officer, Vendy Kayode Disu.
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