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During the CEO forum hosted by Businessday at Eko Hotel on June 13, 2023, experts highlighted the necessity of judicial reform to enhance the inflow of foreign direct investment (FDI) into the country.

Julius Rone, the CEO of Ed UTM Offshore Limited, expressed the importance of examining government policies across the three tiers of government, as they can either discourage or encourage investors. He emphasized that investors often seek assurance in terms of legal disputes and prefer the incorporation of English law into business operations.

Rone stated, “We need to address the inclusiveness of federal, state, and local governments. Each of these governments can implement policies that either facilitate or discourage businesses from entering the country. Foreign investors often express concerns about the judicial system and its accessibility. The government should formulate policies that encourage businesses to invest.”

The discussion also highlighted the issue of multiple taxes imposed across the federal, state, and local government levels. It was suggested that there should be a harmonization of taxes and the establishment of a comprehensive tax system.

Ibukun Awosika, the founder/CEO of Chair Centre Group, emphasized that one of the biggest concerns for Nigerian entrepreneurs is the lack of alignment and consistency in government policies. She noted the importance of a holistic agenda and policies that support one another to avoid disconnections over time.

Ashish Panders, the country head and managing director of Olam Agri, emphasized the critical role of the government and acknowledged Nigeria’s abundant resources and potential.

In summary, the experts highlighted the need for judicial reform, tax harmonization, and consistent government policies to create an environment conducive to attracting foreign direct investment and supporting the growth of businesses in Nigeria.