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Nigeria needs Solid Institutional reforms for economic development- Koyinsola Ajayi(SAN)

Proshare

Thursday, January 19, 2017  2.00pm/Proshare WebTV

For Nigeria to experience economic development, it must  strengthen its institutional and carry out the right reforms to guarantee sustainable growth.

This was the submission of Dr Konyinsola Ajayi (SAN) who was the guest speaker at the January Nigeria-South Africa Chamber of Commerce breakfast meeting, which discussed “Institutions, Regulatory Reforms and Economic Development in Nigeria”.

Dr Ajayi believed Nigeria was in dire need of key reforms that can enable businesses to grow, not inhibit their prospects of expansions and contribution to the economy.

Taking a look at the “Anti-corruption” crusade of the Buhari administration, he expressed concerns that the approach so far is seemingly  selected targetted at the members of the opposition party.

The Legal expert cited the case of  the current Acting Chairman of the Economic Financial Crimes Commission(EFCC) who is still in office, despite the Senate’s non-confirmation and the inaction at the moment from the Presidency.

At the economic front, Ajayi decried the fact that despite  the understanding that economies are driven by companies and competition; the State officials  are the ones competing in the the economy from travelling across the globe to stifling Local Governments.

According to him “ This is affecting the private sector, who are supposed to be involved in shaping prices, products and services”, which was vital to the economy of the country.

Speaking further on the issues of the business environment, the Managing Partner of Ajayi LP tackled the suspended Finanial Reporting Council of Nigeria(FRCN) Corporate Governance Code, describing it as a disincentive to businesses and investments.

Ajayi was of the strong view that it was time to query governance codes that have the tendency to impede the growth of businesses in the country, particularly with laws and provisions that undermine the foundation of companies/organizations and the leadership structure.

Giving further insight he emphasized the need for stakeholders from professional groups to organizations, to be involved in the reforms/regulatory process in the country resisting every form of impunity and excessiveness.

Speaking further the notable lawyer called for simple and fewer laws in the country, fewer regulatory bodies, independence of the judiciary and reform for federalism in the country.

With the changes in the 21st century, Dr Ajayi also tasked the government to explore the “Leap Frog Policy”, which encourages innovation in policy e.g Robotics in Mining, Digital/Virtual money & Banking and  Renewable energy opportunities in Power sector.

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