Barbara Bako, Abuja.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has proposed the establishment of a specialised Commercial Dispute Resolution Tribunal to speed up the resolution of business disputes and improve investor confidence in Nigeria.
Oyedele made the proposal on Tuesday while delivering his inaugural lecture as a Fellow of the Capital Market Academics of Nigeria (CMAN) during the association’s Second Biennial Conference in Abuja.
He said delays in resolving commercial disputes remain a major obstacle to investment, noting that cases can take an average of 15 years to pass through the High Court, Court of Appeal and Supreme Court.
According to him, the prolonged litigation process creates uncertainty, discourages investment and raises the cost of doing business.
Oyedele said the proposed tribunal should comprise judges and arbitrators with expertise in commercial, financial and capital market matters, supported by digital case management systems and mandatory timelines for speedy resolution of disputes.
He explained that the tribunal would complement existing investment protection mechanisms by providing a more efficient platform for resolving commercial disagreements, thereby strengthening investor confidence.
“The relevant question is never simply how much debt there is. It is always debt for what, at what cost, against what return and repayable on what terms,” he said.
The minister argued that public borrowing should be assessed based on how the funds are utilised rather than the size of the debt, stressing that borrowing to finance productive investments can support economic growth.
He also urged Nigerian entrepreneurs to embrace external investment where necessary, noting that holding a significant stake in a larger, well-capitalised company could create greater value than retaining full ownership of a smaller business.
Oyedele further identified policy consistency, strong institutions, effective contract enforcement and credible communication of economic reforms as key factors in attracting long-term capital.
“Capital hates uncertainty more than taxation,” he said, adding that policy reversals, regulatory inconsistencies, foreign exchange uncertainty and weak contract enforcement continue to discourage investors.
Also speaking, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, called for stronger collaboration between regulators and academics to promote research-driven policymaking.
Agama said evidence-based research was essential to developing effective regulations capable of strengthening Nigeria’s capital market and promoting inclusive economic growth.
“I have long believed that good regulation begins with good thinking. The policies we make at the Securities and Exchange Commission are only ever as strong as the evidence and the ideas that inform them,” he said.
According to him, Nigeria’s capital market reforms, including the implementation of the Investments and Securities Act, 2025, and the new 10-year Capital Market Master Plan, require rigorous research and constructive engagement to ensure effective policy implementation.
He urged participants at the conference to produce practical recommendations capable of shaping policy and improving market operations.
“The Commission’s door is open to evidence, to challenge and to fresh ideas, wherever they may lead. The finest measure of these two days will not be the sessions we hold, but the policies and the practices they go on to shape,” Agama said.
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