Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has proposed the creation of a specialised Commercial Dispute Resolution Tribunal to speed up the settlement of business-related disputes, saying a more efficient justice system is crucial for attracting investment and strengthening the country’s capital market.
The proposal was presented during his inaugural lecture as a Fellow of the Capital Market Academics of Nigeria (CMAN) at the association’s Second Biennial Conference held in Abuja. The conference focused on the role of Nigeria’s capital market in promoting equitable and inclusive economic growth.
Oyedele noted that commercial cases currently take an average of 15 years to pass through the High Court, Court of Appeal, and Supreme Court, creating uncertainty that discourages investors and increases the cost of doing business.
According to him, the proposed tribunal would complement existing investment protection mechanisms by providing a faster and more specialised platform for resolving disputes involving businesses, investors, suppliers, and other commercial stakeholders.
He recommended that the tribunal be staffed by judges and arbitrators with expertise in commercial, financial, and capital market matters, while also adopting digital case management systems and mandatory timelines to ensure quicker resolution of cases.
The minister stressed that financial transactions depend on enforceable contracts, making an efficient dispute resolution process essential for the growth of Nigeria’s capital market.
Speaking on public borrowing, Oyedele argued that debt should be evaluated based on its purpose, cost, expected returns, and repayment terms rather than its size alone. He said borrowing to finance productive investments that generate returns above the cost of capital is a sound economic decision.
He also encouraged Nigerian entrepreneurs to embrace external investment instead of insisting on complete ownership of their businesses, noting that holding a smaller stake in a larger, well-capitalised company can create greater long-term value.
Outlining what he described as the “seven laws of capital attraction,” the minister said investors are more influenced by policy consistency, trust, strong institutions, and the rule of law than by tax incentives.
He warned that policy uncertainty, regulatory inconsistencies, foreign exchange volatility, and weak contract enforcement remain major obstacles to attracting long-term investment into Nigeria.
Also speaking at the conference, Securities and Exchange Commission (SEC) Director-General, Dr. Emomotimi Agama, called for stronger collaboration between regulators and academics, emphasizing that evidence-based research is essential for effective policymaking and improved investor confidence.
He reaffirmed the Commission’s commitment to embracing research, innovation, and constructive engagement aimed at strengthening market regulation and enhancing the efficiency of Nigeria’s capital market.
The proposed tribunal is regarded as one of the most significant institutional reform ideas aimed at improving the country’s investment climate. If implemented, it is expected to reduce delays in resolving commercial disputes and provide greater certainty for investors.
The proposal comes as Nigeria continues implementing major capital market reforms, including the Investments and Securities Act 2025 and the 10-year Capital Market Master Plan.
During the event, CMAN President, Prof. Uche Uwaleke, also advocated stronger collaboration between universities, regulators, government agencies, and financial institutions to improve research, policymaking, and the development of Nigeria’s financial markets.
