Economic recession is a phase in the business cycle defined as the periodic but irregular up-and-down movements in economic activity measured by fluctuations in real GDP and other macroeconomic variables like unemployment and inflation. Nigeria has just witnessed one giving concern to many and the quest for solution has pervaded the atmosphere.
As a reform person, I am always particular about the strength and viability of the legislative framework sustaining a subject of concern and if we must get anything right, the law would always be the default suspect. Relatedly, economic laws and policies are put in place to mitigate or prevent the threatening economic challenges associated with economic activities for growth and development and therefore, harnessing it is a necessity. However, for the law to be relevant to the basis of its existence, it must be dynamic and alive to its very objective. It must constantly seek ways of accommodating the incipient, evolving and emerging issues which often times, are rather complex and convoluted but must be resolved absolutely. Over and above what a lot of people classify as economic summersault, our economic misfortune was compounded by the fact that some of our Economic laws and policies are partly outdated, anachronistic, and out-of-sync with international best practices and current technological advances and in most cases, does not offer what can be enforced seamlessly.
Legal reform, which is the bedrock of meaningful reform, is thus a dire necessity that can only be commenced through the enactment and/or review of laws that provide the legal framework that will promote the emergence of an optimal economic development.
Under a unique partnership with the House of Reps we commenced an initiative that will result in the development of composite legal framework that supports federal government approach to overcoming the Economic Recession. This means that the exercise is offering us the opportunity to do real-life and real-time legal and policy work covering the entire spectrum of the economy. This process commenced with a Legislative Summit on Economic Recovery and Sustainable Development which held at the International Conference Centre, Abuja from 6th – 7th November 2017.
Again, LAPIN Reform had the honour of hosting the Vice president of the Federal Republic of Nigeria, HE, Prof Yemi Osinbajo SAN, GCON, as Special Guest of Honour. Of course, the Speaker, House of Representatives HE, Rt. Hon. Yakubu Dogara was not only on ground in his own right and as a reform enthusiast but played the Host. This time, we had the opportunity of hosting one of the finest Speakers of the House of Reps and the current governor of Sokoto State, HE, Rt. Hon. Aminu Tambuwal. His Lordship, Hon. the Chief Justice of Nigeria was represented by my Lord, the Hon. Justice Musa Dhatijo. One of the classical segment of the Summit, ‘Outside the Box’ was again, anchored by no less a person than the doyen himself and gladiator of practical Economics, Dr. Alex Otti OFR while Dr. Ayo Teriba delivered the Keynote Speech
One major issue that came out from the Summit (which will constitute a major area for further engagement) is the solemn call by the Vice President on the Leadership and members of the National Assembly to continually expedite action on deliberations and passage of the Annual budget.
The Summit was just a roll call of who is who in Economics
