Business lawyers call for implementation of BFA

By Merit Ibe 

Business lawyers have urged the three arms of government and other state actors to ensure the conscientious implementation of the Business Facilitation (Miscellaneous Provision) Act 2023 (BFA) to the letter, for economic growth and prosperity.

The legal practitioners, who spoke at a Legal Business Conference & Awards in Lagos, believe that Nigeria would continue to retrograde if resource controllers and those on whose shoulders rest the onus of taking necessary actions for the resuscitation of the economy, fail to do so urgently.

With the theme: ‘Powering Tomorrow’s Economy Today’, they believe that critical sectors like the Energy, Digital/ICT and creating a friendly business environment are sine quo non for economic recovery, hence, the need for government across levels to leave no stone unturned in ensuring that these sectors are given top priority.

The convener of the conference,  Ifeoma Ben (Esq), said implementation of the BFA must not be toyed with, but must be vigorously followed purposefully if Nigeria must come out of the woods.

Recall, on 14 February 2023 the Business Facilitation (Miscellaneous Provision) Act 2023 (BFA) was signed into law by President Muhammadu Buhari. The Act is aimed at facilitating business operations and promoting the ease of doing business in Nigeria. The BFA made amendments to 21 business facilitation laws and among other alterations.

“One thing is to make Laws, it’s another thing to implement them. Economic and political leaders should identify the fundamental challenges and seeks solutions. Critical sectors like energy/ power supply (which is the lifeblood of economic progress); ICT (which is the new currency) and creating a conducive business environment (which is the enabler of businesses  must be given top priority” she urged.

In an address, Chairman of Nigeria Bar Association (NBA- Section of Business Law), Adeoye Adefulu, posited that Nigeria has remain in the dark for decades owing to its inability to harness the transformative power of energy for sustainable and inclusive economic growth.

To him, authorities in control of the digital economy and enthusiasts alike must put more effort in ensuring that the space is explored maximally as the business landscape undergoes rapid and radical transformation.

“Creating an environment that fosters business growth and nurtures innovation is pivotal to shape a vibrant economy. So the authorities responsible for the resuscitation of economy should not be found wanting” he charged.

Panelists at different sessions believe that if government would meaningfully  fund education, invest in research and development, Nigeria can start utilitising its local capacities particularly in manufacturing, creative and innovative space.

They added that Nigeria would continue to depend on other countries for its survival if innovations, creativity, engineering and technology are not encouraged right from higher institutions of learning.

“Nigeria must start thinking inwards for solutions as there abounds enormous potentialities and opportunities to explore. For our human capital, if we remain ignorant of how to maximize them for our socio- economic growth and development, we shall remain economically dependent till we learn how to make use of what we have.

“We must keep pointing towards ensuring availability, accessibility and affordability of energy for economic productivities and industrial development. We must stop lagging behind while other economies are transitioning to cleaner, renewable and more efficient energy sources such as: Solar, Wind, hydro-power and nuclear energy. Thus, regulatory frameworks and government policies must align to create that desired investment climate for ease of doing business, ” they stressed.