Lagos: The Ernest Shonekan Centre for Legislative Reforms and Economic Development (ESC) and the Nigerian Bar Association Section on Business Law (NBA-SBL) have signed a Memorandum of Understanding aimed at bolstering legal and economic reforms in Nigeria. The partnership seeks to enhance competitiveness and foster inclusive business growth across the nation.
According to News Agency of Nigeria, the agreement was formalized at a ceremony in Lagos, where both organizations reiterated their dedication to creating a responsive legal environment that would stimulate investment and economic development. Mr. Kyari Bukar, Chairman of ESC, emphasized that the agreement is a formalization of nearly a decade of collaboration between the two entities. He noted that they have consistently shared expertise, engaged in discussions, and launched initiatives to improve Nigeria’s business landscape.
Bukar described the agreement as a strategic alliance designed to promote legislative, judicial, and regulatory reforms essential for economic transformation. He highlighted that the ESC serves as a platform for legal reform and economic progress, focusing on evidence-based policy, institutional capacity, and regulatory modernisation. He also mentioned the successful collaboration on an Economic Impact Assessment Report, which contributed to the establishment of the National Assembly Business Environment Roundtable (NASSBER), leading to significant reforms such as the Companies and Allied Matters Act and the Arbitration and Mediation Act.
Mrs. Ozofu Ogiemudia, Chair of NBA-SBL, stressed the importance of sound legal and regulatory systems in attracting investment and promoting innovation. She praised the agreement as a significant step towards creating a better business climate and fostering sustainable economic growth. Ogiemudia pointed out that the country’s progress has been hindered by legislative and judicial bottlenecks, and expressed hope that the partnership would address these challenges directly and systematically.
The MoU provides a framework for joint advocacy, policy research, and capacity building to strengthen Nigeria’s institutions. Ogiemudia mentioned that the alliance aims to improve business practices, transparency, and accountability across various sectors, involving engaging regulators, identifying legislative gaps, and offering timely insights to policymakers.
Dr. Uchenna Ogbonna, Executive Director of ESC, remarked that the collaboration is expected to attract foreign investment through comprehensive legal and business reforms. The News Agency of Nigeria (NAN) notes that ESC was established by the NESG in 2023 to promote reforms that enhance Nigeria’s business environment.