The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has proposed the establishment of a specialised Commercial Dispute Resolution Tribunal to accelerate the resolution of business disputes, saying Nigeria’s ability to attract long-term investment and deepen its capital market depends largely on the speed and efficiency of its justice system.
Oyedele made the proposal on Tuesday while delivering his inaugural lecture as a Fellow of the Capital Market Academics of Nigeria (CMAN) at the association’s Second Biennial Conference in Abuja, where he argued that prolonged commercial litigation has become a major obstacle to investment and economic growth.
According to the minister, commercial disputes currently take an average of 15 years to pass through the High Court, Court of Appeal and Supreme Court, creating uncertainty for investors, increasing the cost of doing business and weakening confidence in Nigeria’s investment climate.
To address the challenge, Oyedele proposed a dedicated Commercial Dispute Resolution Tribunal staffed by judges and arbitrators with specialised expertise in commercial, financial and capital market matters. He said the tribunal should be supported by digital case management systems and mandatory timelines to ensure the speedy determination of disputes involving businesses, suppliers, financiers, joint venture partners and other commercial entities.
He explained that virtually every financial instrument, including bonds, syndicated loans, private placements and structured notes—is founded on enforceable contracts, making efficient dispute resolution indispensable for the growth of Nigeria’s capital market.
The minister said the proposed tribunal would complement existing investment protection mechanisms by providing businesses with a faster and more predictable avenue for resolving commercial disagreements that often delay projects and discourage investment.
Beyond judicial reforms, Oyedele urged Nigerians to rethink their perception of public borrowing, insisting that debt should be evaluated based on what it finances rather than its absolute size.
“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 said.
He criticised what he described as the tendency to condemn every instance of government borrowing without assessing whether the funds are being deployed to productive investments capable of generating returns that exceed the cost of borrowing.
According to him, governments and businesses that borrow to finance productive assets are making rational financial decisions, adding that refusing to borrow under such circumstances could deprive the economy of valuable development opportunities.
Oyedele also challenged the preference among many Nigerian entrepreneurs to retain full ownership of their businesses rather than attract external investors.
He argued that owning 100 per cent of a small company often creates less wealth than holding a significant stake in a larger, better-capitalised enterprise capable of attracting investment and expanding rapidly.
The minister further outlined what he described as the “seven laws of capital attraction”, maintaining that investors are drawn primarily by trust, policy consistency, credible institutions and the rule of law rather than generous tax incentives.
According to him, capital seeks certainty more than exceptionally high returns, warning that unstable policies, regulatory inconsistencies, foreign exchange uncertainty and weak contract enforcement continue to discourage investment.
“Capital hates uncertainty more than taxation,” he stated, adding that countries with independent judiciaries, credible central banks and efficient public institutions are better positioned to attract sustainable long-term capital.
He also urged government officials, professionals and the media to improve communication around economic reforms, arguing that Nigeria continues to pay a “perception premium” because many positive policy developments are poorly communicated to both domestic and international investors.
Also speaking at the conference, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, called for stronger collaboration between regulators and academics, saying evidence-based policymaking is essential to strengthening Nigeria’s capital market.
Agama said research produced through academic conferences and peer-reviewed studies provides the intellectual foundation for effective regulation capable of responding to the evolving needs of the financial markets.
He noted that Nigeria’s capital market is currently 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, stressing that the reforms require rigorous research, constructive scrutiny and informed public debate.
“The Commission’s door is open to evidence, to challenge and to fresh ideas, wherever they may lead,” Agama said, reaffirming the SEC’s commitment to partnering with academia to strengthen investor confidence and promote sustainable market development.
Earlier, President of the Capital Market Academics of Nigeria, Prof. Uche Uwaleke, called for stronger collaboration between universities, regulators and financial institutions to deepen Nigeria’s financial markets and accelerate economic growth.
He urged the Federal Ministry of Education and the National Universities Commission to recognise industry experience alongside academic publications in the promotion of lecturers in professionally oriented disciplines, while recommending that universities recruit accomplished retired financial sector professionals as adjunct lecturers.
Uwaleke also proposed structured sabbatical programmes for academics within financial sector regulatory agencies and the establishment of a national Financial Markets Research Partnership to commission policy-oriented research on capital market development, infrastructure finance, pension reforms, insurance penetration, financial inclusion and sustainable finance.
He said bridging the gap between academia and industry would enhance policymaking, strengthen financial market development and contribute to Nigeria’s long-term economic transformation.