NBA-SBL:‘Nigerian Government Must Unlock the Private Sector’, World Bank

The Federal Government has been urged to unlock the private sector, if Nigeria aims to catch up with the quick pace of global development.

The Country Director of the World Bank in Nigeria, Dr Shubam Chaudhuri said this, while delivering the Keynote Address at the opening ceremony/dinner of the Nigeria Bar Association – Section of Business Law (NBA-SBL) annual Conference, which took place at Eko Hotel in Lagos.

Speaking on the theme, “The Nigerian Business Landscape: Priority for Law Policy and Regulations”, Dr Chaudhuri traced the development index of Nigeria and Indonesia, disclosing that Nigeria lost its advantages over the Asian Tigers, because the country failed to develop its private sector.

He further added that, no nation has been able to develop without the private sector contributing at least 80% to its GDP. Stating that his Bank has been working with both  Federal and State Governments, to improve the nation’s statistics on private sector involvement.

Dr Chaudhuri then stated that for the nation to develop both physically and economically, Government must unlock the private sector.  Adding that for the unlocking to be successful, we must change the mind set of of top politicians and government officials, improve infrastructure such as roads, power, and security and improve law, justice delivery, as well as Judiciary.

Speaking earlier, the NBA President, Mr Yakubu Maikyau, SAN, expressed his happiness at the organisation of the Conference and commended the choice of the theme, stating that with a new go in place, it is indeed, time to chart a new and well defined track for the Nigerian business and economic environment.

The Lagos State Governor, Babajide Sanwo-Olu, represented by the Secretary to State Government, Mrs Bimbo Salu-Hundeyin, commended NBA-SBL for coming to Lagos for the annual Conference.

He stated his Government’s determination to further reduce the difficulty of doing business in Lagos State, adding that his Government is working on unifying taxes, reducing the time needed to getting all forms of business permit in the State.