馃嚦馃嚞NigeriaWest Africa
Finance Minister proposes digital commercial dispute tribunal to boost Nigerian investment
via Punch Nigeria7 min read
Mr. Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, has advocated for a specialized Commercial Dispute Resolution Tribunal to expedite business dispute resolution in Nigeria. Speaking at the Capital Market Academics of Nigeria's Second Biennial Conference in Abuja, he highlighted that current commercial dispute resolution delays, averaging 15 years across various courts, deter investment and increase business costs. The proposed tribunal would feature judges and arbitrators with expertise in commercial, financial, and capital market matters, utilizing digital case management and mandatory timelines for swift resolution. This initiative aims to complement existing investment protection mechanisms by providing a more efficient avenue for resolving commercial disagreements, thereby strengthening investor confidence and supporting capital market growth. Beyond judicial reforms, Mr. Oyedele urged a reevaluation of public borrowing, emphasizing that debt should be judged by its productive use rather than its size. He also challenged Nigerian entrepreneurs to consider external investment for business growth, noting that investors are primarily attracted by trust, policy consistency, strong institutions, and the rule of law, rather than just tax incentives. Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission, and Professor Uche Uwaleke, President of the Capital Market Academics of Nigeria, also spoke at the conference, emph
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Nigeria's urban logistics landscape is undergoing a transformation, with bicycle couriers becoming an increasingly common sight in major cities like Lagos, Abuja, Port Harcourt, and Ibadan. This resurgence is driven by rising fuel prices, worsening traffic congestion, and the rapid expansion of e-commerce. While a relatively small part of the informal economy, industry observers note it is among the fastest-growing segments of Nigeria's gig workforce, largely propelled by food delivery apps and online shopping platforms. For many riders, typically young men aged 18 to 35, the job provides income, helps finance education, and serves as a stepping stone for future ambitions. Unlike conventional dispatch riders, bicycle couriers rely on pedal power, allowing them to navigate traffic and access narrow streets, making them effective for short-distance deliveries. The profession has historical roots in Nigeria, dating back to the colonial era for transporting messages and official correspondence. The low entry barrier, with the main expense being a bicycle costing between N50,000 and N120,000, makes it an accessible option for unemployed graduates, students, and school leavers. Technology, including AI and automated dispatch systems, has also improved task allocation fairness. Riders often receive weekly payments, which helps them manage expenses and plan for the future. Despite challenges like heavy rainfall and poor road infrastructure, bicycles offer advantages such as speed, ma
According to statistics released by the Nigerian Correctional Service NCoS on Tuesday, 1,271 offenders are currently serving non-custodial sentences across Nigeria. This total includes 1,137 males and 134 females. Community service is the most common non-custodial measure, with 1,038 offenders, comprising 992 males and 46 females. Additionally, 12 offenders are on parole nine males, three females, and 34 are serving probation sentences 30 males, four females. The NCoS data also indicates that 162 offenders are participating in restorative justice programs 84 males, 78 females, and 25 are under other non-custodial measures 22 males, three females. Overall, males constitute approximately 89 percent of the non-custodial population. The non-custodial service, introduced under the Nigerian Correctional Service Act, 2019, aims to decongest custodial centers by offering alternatives to imprisonment such as community service, probation, parole, and restorative justice. This reform replaced the Nigerian Prisons Service framework and aligns with the Administration of Criminal Justice Act ACJA 2015. Implementation began in phases, with the Federal Capital Territory and Lagos among the first to adopt these measures, which have since expanded to states like Adamawa, Anambra, Edo, Kano, Lagos, and Plateau.
Must ReadFuel marketers in Nigeria have warned they will cease petrol sales nationwide if the Federal Government attempts to enforce price controls. This warning from Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria IPMAN, follows remarks by the Minister of State for Petroleum Resources Oil, Heineken Lokpobiri. The minister stated that while petrol prices are deregulated, regulators must still protect consumers from exploitation, especially as crude oil prices have fallen without a corresponding decrease in gantry prices. The Federal Competition and Consumer Protection Commission also expressed concern over potential consumer exploitation. Lokpobiri urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA to prevent profiteering. However, Ukadike denied allegations of profiteering, citing losses incurred by marketers due to recent price reductions by the Dangote refinery. He argued that the government should investigate the root causes of high prices and boost competition by ensuring local refineries are operational and encouraging more importation. Ukadike emphasized that market forces of demand and supply should determine prices in a deregulated market. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlet Owners Association of Nigeria PETROAN, acknowledged the minister's power to intervene but stressed the importance of consulting with all stakeholders. He suggested a meetin