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Economies Grow When Regulators and Investors are Prosperity Partners

Posted on Thu 23 Jul 2015

Africa is said to be the world's last economic frontier and massive potential for economic growth abounds on the continent. Sub-Saharan Africa is predicted to have the fastest economic growth of any region at a rate of 4.5% in 2015, surpassing Asia. But there seems generally to be a caveat: The rapid growth must create jobs and benefit everyone in society, rather than exacerbate inequality, and must be sustained. In other words, an enabling environment that will help transform Africa's rising Gross Domestic Product (GDP) into inclusive growth and sustainable development must be put in place.

Notably, of all the factors that engender economic growth in any nation, the legal and regulatory framework which govern and oversee the business sector are most critical. They determine, from the onset, the limits placed on the innovative ingenuity of local entrepreneurs and indicate to foreign investors that the country is ready to receive investment and skills transfer. Stated national goals, objectives and policy directives, though strongly persuasive, do not have the force of law and will not bind our Regulators. The provisions of economic regulations and the attitude of regulators who implement these regulations impact on the ease of getting business done in any economy, and ultimately determine the pace of economic growth

Recognizing these concepts, the Nigerian Bar Association, Section on Business Law’s (NBA-SBL) 9th Annual Business Law Conference which held in Lagos between 7-9 June 2015 settled on the theme: "Regulators as Catalysts for Economic Growth."

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