LAGOS (Vice President’s Office Report)
Nigeria’s Vice President, Yemi Osibanjo (Prof) has stated that the role of effective regulatory regime in promoting economic growth and development is not simply dependent on the technical design of the most appropriate regulatory instruments. He explained that it concerns the quality of supporting regulatory institutions as well as the capacity of their personnel and the nature of their practices.
While speaking on Sunday June 7, 2015 at the 9th Annual Business Law Conference Dinner organized by the Nigerian Bar Association (NBA) at the Eko Hotel and Suites in Lagos, Yemi Osibanjo noted that as more and more investors / citizens turn to the markets to help secure their future, pay for homes and their children’s education, investor protection will become more compelling than ever before. He also stressed that the natural inclinations of private markets, left to their own devices may not promote economic or social justice.
In his address titled: “The Regulator, Marketplace, Justice and Economic Growth,” Vice President Osibanjo stated that since most people have regarded the Government as protector, the Government in response has enacted a variety of laws which are designed to ensure that consumers and the general public are treated fairly by businesses.
He further indicated that while the country’s securities legislation provides the basis for competition and antitrust provisions towards preventing companies from combining to create monopolies and oligopolies, the country does not yet have a composite competition legislation for tackling market abuses such as price-fixing and abuse of dominant positions, among others holistically.
“As new threat to the welfare of citizens emerge, Government can use the regulatory framework to lessen the serious risks associated with such phenomena as economic depression, environmental pollution, lack of health insurance, retirement insecurity, terrorism, bank failures and investment fraud,” Osibanjo adduced.
“In order to arrest the risk and harm that the economic depression and other associated factors may exert on the citizens, the APC as a party developed a manifesto in large part to manage and minimize these kinds of serious risks to the well-being of Nigerians. Nigerians should act collectively in efforts to manage these risks as Government will simplify the regulatory environment to ensure that the perceived costs associated with regulations are avoided.”
In a related development, Vice President Osibanjo attended the Apapa Family Annual Conference of the Redeemed Christian Church of God at the Tafawa Balewa Square in Lagos where he addressed a large crowd of Christians. In his address, he emphasized that at every level of service, faithfulness should be employed to drive the wind of change and development. He also stressed that in whatever position one finds himself – typist, driver, messenger, etc people should be faithful with it so that they can rise higher tomorrow.
Speaking earlier, the Chairman of the Nigerian Bar Association’s Section on Business Law, Asue Ighodalo announced the theme for the 2015 Conference to be: ‘Regulators As Catalysts for Economic Growth.’ He observed that the Section on Business Law Conference (SBL) is headed by a distinguished legal practitioner. Adding, since its inception in 2004, the SBL International Law Conference has served as a primary professional event for corporate and commercial lawyers as well as emerging huge investors, regulators and members of the bench.
In his remarks at the event, the President of the Nigerian Bar Association, Augustine Alegeh congratulated the Vice President, demanding him to bring his wealth of experience as a lawyer of repute to bear in the country’s governance. He also urged the NBA as a body to fight quacks in the profession.
In his keynote address, the Guest Speaker and Minister for Trade and Industry of Ghana, Spio-Garbrah (Dr) congratulated Nigerians on the peaceful elections, noting that West Africa and indeed Africa has perfected its democratic development with Nigeria being a reference point. He also inferred that Nigeria has done well in regulating the economy, particularly by the Central Bank. Adding, his country is benefitting from it as Ghana is also regulating its banking sector.
Spio-Garbrah expressed regret that since the independence over fifty years ago, Africa has remained a dark continent without electric power. While optimizing that with the regulating agencies and reformation in the PHCN, there is hope of progress for Nigeria’s power sector, he uttered the importance of the passage of the Petroleum Industrial Bill (PIB).
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