There is a need for judicial reform to boost foreign direct inflow into the country, experts have said at the CEO forum hosted by Businessday on the 13th of June 2023, at Eko Hotel.
In a panel session on the theme ‘The impact of government policy’ Julius Rone, CEO/Ed UTM Offshore Limited, noted that there is a need to look at the three tiers of government in terms of policies, as they have ways they can discourage investors from coming into the country.
He noted that when investors come, they usually say they can work with Nigeria Law, and they want to incorporate English law into doing business as this boosts their confidence in terms of dispute, among law-related issues.
“We have to talk about the inclusiveness of federal, state and local government. There are policies that each of these governments can enable or discourage businesses from coming in,” Rone said.
“Foreign investors usually say the judicial system does not give entrants to systems therefore we will not come in. Government need to make policies for judicial systems that encourage businesses to come in,” Rone added.
It was also noted that the government need to be inclusive in making sure that there’s a judicial process that can guarantee your investment.
It was also noted that there are multiple taxes in this country. There are several taxes across the federal, state and local govt, and there is a need to harmonize and provide a tax system that covers all of it
According to Ibukun Awosika, founder/CEO of Chair Centre group, the average Nigerian entrepreneur biggest fears is the misalignment of policies and the inconsistency where policies are distorted over time.
“The Government lacks a holistic agenda behind those decisions that are made, if there are no policies that support one another they are likely to have so many disconnections,” Awosika said.
Ashish Panders, country head and managing director, Olam Agri said “ The role of the government is very critical, Nigeria is a blessed country and has a lot to offer.”
