The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has proposed the establishment of a specialised Commercial Dispute Resolution Tribunal to speed up the resolution of business disputes, saying prolonged litigation continues to discourage investment and undermine confidence in Nigeria’s economy.
Mr Oyedele made the proposal on Tuesday while delivering his inaugural lecture as a Fellow of the Capital Market Academics of Nigeria (CMAN) during the association’s second biennial conference in Abuja.
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The conference, themed “The Nigerian Capital Market as a Catalyst for Equitable and Inclusive Growth,” brought together policymakers, regulators, academics and market operators to discuss reforms aimed at strengthening Nigeria’s capital market.
Mr Oyedele said commercial disputes currently take an average of 15 years to pass through the High Court, Court of Appeal and Supreme Court, creating uncertainty for businesses and increasing the cost of investing in Nigeria.
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He said the proposed tribunal would be staffed by judges and arbitrators with expertise in commercial, financial and capital market matters and would operate with digital case management systems and mandatory timelines to ensure quicker resolution of cases.
According to him, the specialised tribunal would complement existing investment protection mechanisms by providing businesses with a faster and more efficient process for resolving disputes.
“Virtually every financial instrument, whether bonds, syndicated loans, private placements or structured notes, is built on enforceable contracts,” he said, adding that effective contract enforcement is fundamental to the growth of the capital market.
Mr Oyedele also urged Nigerians to rethink their perception of public borrowing, arguing that debt should be assessed based on how borrowed funds are utilised rather than the amount borrowed.
“The relevant question is never simply how much debt there is. It is always debt for what, at what cost, against what return and repayable on what terms,” he noted.
He criticised the tendency to condemn every instance of government borrowing without considering whether the funds are financing projects capable of generating long-term economic returns.
According to him, governments and businesses that borrow to invest in productive assets yielding returns above the cost of capital are making rational financial decisions.
Mr Oyedele outlined what he described as the “seven laws of capital attraction,” arguing that investors prioritise policy consistency, strong institutions and the rule of law over generous tax incentives.
“Capital hates uncertainty more than taxation,” he said.
He attributed investor hesitation to policy reversals, regulatory inconsistencies, foreign exchange uncertainty and weak contract enforcement.
The minister said long-term investment is more likely to flow into countries with credible institutions, including an independent judiciary, a trusted central bank and an efficient public bureaucracy.
He also urged government officials, professionals and the media to improve communication around economic reforms, saying Nigeria often pays what he described as a “perception premium” because policy improvements are not effectively communicated to investors.
Also speaking, the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, called for stronger collaboration between regulators and academics to support evidence-based policymaking.
Mr Agama said academic research provides an important foundation for effective regulation and helps ensure that policies remain responsive to developments in Nigeria’s financial markets.
“I have long believed that good regulation begins with good thinking. The policies we make at the Securities and Exchange Commission are only ever as strong as the evidence and the ideas that inform them,” he said.
He noted that the capital market is undergoing significant reforms following the enactment of the Investments and Securities Act, 2025, and the implementation of a new 10-year Capital Market Master Plan.
Mr Agama urged participants at the conference to produce practical recommendations capable of strengthening investor confidence and improving market operations.
In his remarks, the President of the Capital Market Academics of Nigeria, Uche Uwaleke, called for stronger collaboration between universities, regulators and financial institutions to improve research and policy development.
Mr Uwaleke said Nigeria has substantial academic and professional expertise but lacks a structured framework for connecting both sectors to address national economic challenges.
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He urged the Federal Ministry of Education and the National Universities Commission (NUC) to recognise industry experience alongside academic publications in the appointment and promotion of lecturers in professionally oriented disciplines such as banking, finance, insurance, accounting and capital market studies.
He also recommended that universities recruit experienced retired professionals as adjunct lecturers and called on financial regulators to institutionalise sabbatical and research fellowship programmes for academics.
According to him, closer collaboration between academia and industry would strengthen policymaking, improve financial market regulation and support the long-term development of Nigeria’s capital market.
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