Mohammed Shosanya
The Nigerian Economic Summit Group(NESG) has established and launched Ernest Shonekan Centre for Legislative Reforms and Economic Development, designed to promote economic competitiveness and improve the business environment in the country.
Speaking at the launch of the Centre at the on-going 29th Nigerian Economic Summit(NES 29) in Abuja, Chairman of the NESG, Mr. Niyi Yusuf, explained that the Centre would provide a unique platform for promotion of reforms to critical sectors of the Nigerian economy.
Explaining what necessitated the establishment of the Centre, Yusuf said: “At the 21st Nigerian Economic Summit in October 2015, appropriately themed “Tough Choices: Achieving Competitiveness, Inclusive Growth and Sustainability”, we acknowledged that Nigeria was at the precipice, the looming economic crisis and the fragility of our macroeconomic environment had affected businesses, leading to low productivity, declining FDIs and ultimately economic decline.
“Consequently, there was a need for the legislature to work with the private sector to define pathways for economic growth”
He said,in 2016, the National Assembly Business Environment Roundtable (NASSBER) was established in partnership with the Nigeria Bar Association’s Section on Business Law (NBA-SBL) as a platform for the legislature and the private sector to engage, deliberate, and act on a framework that will improve Nigeria’s business environment through a review of relevant legislations and provisions of the constitution.
According to him,in 2021,NASSBER engaged the Conference of Speakers of State Legislatures of Nigeria in a high-level dialogue to chart pathways to subnational economic growth.
“This engagement birthed the State Assemblies Business Environment Roundtable (SABER). In the same year, NASSBER collaborated with the National Judicial Institute (NJI) to provide bespoke training for judicial officers in an event tagged” The Role of the Bench in Economic Growth and Development in Nigeria”. This initiative was tagged the Judicial Capacity Initiative (JUCAP).
“We are quite encouraged by these activities and achievements, and we are now taking it further.
“Certainly, the Ernest Shonekan Centre for Legislative Reforms and Economic Growth provides a unique platform for which the three initiatives (NASSBER, SABER, JUCAP) strategically position the Centre to promote reforms to critical sectors of our economy.
“The Centre’s key objectives are achieving economic competitiveness and improving the business environment.”
He further identified some pressing issues such as the increasing cost of living, the burden of multiple taxes,high unemployment rate, poor economic outcomes, characterised by stagnation, low growth and inadequate investment, which have impeded progress in the nation’s quest for economic transformation, adding that the newly established Ernest Shonekan Centre
would “address critical issues about competitiveness and sustainability through enhanced synergy between the legislature, private and public sectors.”
Also speaking, Adebo Ogundoyin, Speaker of Oyo State House of Assembly, who commended NESG for the establishment of Ernest Shonekan Centre for Legislative Reforms and Economic Development.
Ogundoyin said the Centre would serve as a “significant stride towards fostering essential reforms in legislation and regulations, which are pivotal in attaining economic competitiveness and enhancing the business climate.”
“The establishment of this institution serves as a testament to the acknowledgment of the critical role played by laws and regulations in shaping the economic landscape.
“By assuming the role of a change catalyst, The Ernest Shonekan Centre aims to expedite impactful reforms that will unleash the complete potential of our economy and cultivate a favorable milieu for businesses to flourish.
“I commend the vision and dedication of all those involved in the establishment of this center.
“Your commitment to driving legislative reforms and economic development is commendable, and I have no doubt that your efforts will yield positive outcomes for our nation,” he said.
In her remarks, Mrs. Margaret Shonekan, the wife of Ernest Shonekan commended NESG for honouring her husband as well as sustaining the legacies that her late husband initiated at the NESG.
