Experts in law and finance including top government officials have highlighted the significant role of law in engendering economic prosperity for Nigeria.
This was the position expressed by different speakers during the 15 years anniversary lecture for T & A Legal held in Lagos.
Delivering her keynote address on the topic: “Driving the Future Economy in Nigeria, the Catalytic Role of Law,” Minister of State for Industry, Trade and Investment, Dr. Jumoke Oduwole said she was proud to be associated with the milestone achievement of the firm, adding that the feat speaks to the power of vision.
Commenting on the topic, Oduwole noted that the Federal Government would continue to create enabling environment and laws that would support investment retention and promotion thereby engendering prosperity for the people.
Citing example of the tax reform bills currently with the National Assembly, she said such bill would have multiplier effect on the economy once it is passed.
Also speaking, Chairman, Federal Inland Revenue Service, Dr. Zachaeus Adedeji said the role of law is not just as a regulatory mechanism but as a tool for enabling innovation, fostering inclusion, and unlocking the nation’s vast resource.
Zeroing in on the role of FIRS, Adedeji stated that an efficient, fair, and transparent tax laws not only empower governments to provide essential infrastructure, education, and healthcare but also foster compliance and build a sense of shared responsibility.
He said by aligning Nigeria’s legal systems with the realities of a modern economy, it was possible to create a foundation that supports innovation, encourages investment, and ensures inclusive growth.
In his remarks, Commissioner for Finance, Ekiti State, Akintunde Oyebode while dissecting the topic stated that using the law to drive the current economy in Nigeria may not achieve the desired expectation unless there is a rethink on fiscal federalism.
Oyebode said that there a lot of abnormalities with the constitution especially as it relates to economy noting that the law is strongly tilted to strengthen the centre, leaving very little for the sub-nationals to work with.
He urged the Federal Government to continue to evolve through its laws if it intends to build an economy for the future.
Delivering his welcome remarks at the occasion, the Co-Founding Partner, T & A Legal, Seyi Adisa described the 15 years milestone achievement of the firm as a celebration of vision and commitment of the founders, which have contributed to its current status.
The law firm, Adisa said, has grown from strength to strength, adapting to the evolving legal and business landscape, and making impactful contributions to the Nigerian legal industry.
Managing Partner, T & A Legal, Ayobami Tunde stressed the need for government to engage and educate the general public especially the small and medium scale businesses of their efforts which were commendable, stating the results will ensure greater future for the country at large.