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Since President Bola Tinubu assumed office in May 2023, Nigeria has embarked on a transformative journey to revitalise its economy.
Central to this endeavor is the Ernest Shonekan Centre for Legislative Reforms and Economic Development, a research and consulting organisation dedicated to promoting legislative and regulatory reforms that enhance economic competitiveness and improve the business environment.
Established by the Nigerian Economic Summit Group (NESG), the Centre addresses the need for structured coordination and leadership in improving Nigeria's business environment and investment climate.
As the Executive Director, Uchenna Ogbonna leads the Centre's initiatives to bridge the gap between the private sector and the National Assembly, ensuring that legislative policies align with investor needs.
"We try to bring the private sector together with the National Assembly, serving as a connector, to ensure that lawmakers feel the pulse of investors," Ogbonna told Pulse Nigeria in an exclusive interview.
The Centre employs a three-pronged approach: technical assistance, capacity building, and stakeholder engagement. Technical assistance involves providing expert advice to lawmakers on crafting business-friendly legislation. Capacity building focuses on training not only for lawmakers and judges but also for administrative staff such as court clerks and assembly personnel.
Ogbonna emphasises, "There are more players in these two environments. Court clerks and registrars contribute to delays in adjudication, just as assembly clerks and administrative staff support legislative functions. We take a holistic approach to capacity building."
Stakeholder engagement ensures continuous dialogue between the government and private sector, fostering a collaborative environment for economic development. One of the Centre's primary objectives is to facilitate the passage of business-friendly laws that remove legislative bottlenecks hindering infrastructure investments.
Ogbonna highlights, "A lot of money is tied down in infrastructure due to legislative impediments. If we can remove those barriers, we would have done a lot for Nigeria this year."
This initiative is particularly crucial as Nigeria seeks to attract foreign direct investment (FDI) to bolster its infrastructure sector. Recent economic reforms under President Tinubu's administration have shown promising results.
The metrics
The World Bank reported a reduction in Nigeria's fiscal deficit from 6.2% of GDP in the first half of the previous year to 4.4% in the same period, attributing this improvement to key fiscal reforms, including the removal of long-standing petrol subsidies and currency devaluation aimed at spurring economic growth.
These measures have led to increased government revenues, with projections estimating collections of 34.8 trillion naira in budget revenues for 2025, 56% of which are expected from oil.
The Ernest Shonekan Centre's efforts to harmonise state laws with national policies have also been instrumental in creating a cohesive legal framework conducive to investment.
By aligning legislation across different levels of government, the Centre ensures the seamless implementation of economic policies, thereby enhancing investor confidence.
Despite these advancements, challenges remain. The removal of fuel subsidies and currency devaluation have led to increased inflation, impacting the cost of living for many Nigerians. Protests have marked national events, reflecting public frustration over economic hardships. However, President Tinubu remains optimistic, projecting restored macroeconomic stability and improved business conditions by 2025.
Nigeria's judiciary and legislature
The Centre's holistic approach to capacity building addresses inefficiencies within Nigeria's judiciary and legislature.
The Centre aims to expedite legislative and judicial processes by providing training and technical assistance to lawmakers, judges, and administrative staff, thereby improving the overall business climate.
Ogbonna clarifies the Centre's role: "Ours is to train and explain the concepts. What they do with it is beyond our powers."
In collaboration with the National Judicial Institute, the Centre organised a Judicial Capacity Program workshop for judicial officers across various courts.
This initiative underscores the Centre's commitment to enhancing the judiciary's role in economic development by ensuring that legal interpretations and judgments are consistent and conducive to a favorable business environment.
Mission to unlock infrastructural investments in Nigeria
Looking ahead, the Ernest Shonekan Centre remains steadfast in its mission to advocate for legislative reforms that unlock infrastructure investments, reduce poverty, and drive sustainable economic growth.
By fostering a collaborative environment between the private sector and government and addressing systemic inefficiencies through capacity building, the Centre plays a pivotal role in shaping Nigeria's economic trajectory under President Tinubu's administration and future administrations.
As Nigeria continues to navigate its economic reforms, the Ernest Shonekan Centre's work exemplifies the critical intersection of policy, legislation, and economic development.
Through targeted legal reforms and strategic stakeholder engagement, the Centre contributes significantly to creating a business-friendly environment that attracts investment and fosters long-term prosperity for the nation.