By Dr. Ag Zaki
On Thursday, 9 January 2025, Prince Adewole Adebayo presented a keynote address at the Radisson Blu Hotel, Ikeja, Lagos. The occasion was the annual conference of a group of professionals, business executives and experts codenamed J9C for January 9 Collective. The theme of the Conference was “Business and Policy Strategy: Examining the Role of Reform in enhancing the ease of doing business in Nigeria.” Prince Adebayo is a versatile cerebral man of many parts, a lawyer, a multimedia practitioner, a real estate investor, a large-scale miner, a philanthropist, a community developer, and the 2023 Presidential Candidate of the Social Democratic Party (SDP). The organisers of the J9C conference introduced him as an intercontinental lawyer because he currently practices law in over sixteen countries.
The full speech of Prince Adebayo at the occasion is available online and can be accessed by clicking at this url: https://youtu.be/SsHkcJbVNRg?si=ebvoOVqGh0zVOsnt or by scanning the QR code above. However, we are presenting the salient take-aways from this most incisive keynote address below for the convenience of interested persons and for the public good.
THE TAKE-AWAYS
Preamble
1. Not every change of policy or programme is a reform. A reform is a fundamental change in the activities, programmes, and policies structured to cause improvement. Genuine government reforms are people oriented and so citizens can interject, comment or contribute.
2. Reform may be internally motivated, externally forced or imposed, or technological driven.
3. The government of Nigeria must first reform itself to be able to implement development-oriented reforms to improve the country’s economic performance.
In general terms
4. Fiscal and monetary reforms are critical and are urgently required in Nigeria. While government can freely control its fiscal reforms, it must be bound by market forces for realistic and realisable monetary reforms.
5. Economic reforms must positively affect developmental policies, programmes and projects to engender economic growth, increase in efficiency, and lead to stability. Economic and political reforms must be implemented pari-passu for untainted policies and programmes.
6. Urgent structural reforms are required in areas of legal reforms, laws on banking controls and regulations, lending and borrowing as well as land matters.
In specific terms
7. Reforms which are aimed at targeting ease of doing business must be aligned with the Malam Aminu Kano maxim that “all civil servants should abstain from contracts or business”.
8. Nigeria must break the current odious and unwholesome conspiracies between policy makers, civil servants, and contractors, which can lead to irreversible endemic corruption, long foreseen by the revered Malam Aminu Kano, and which can permanently damage the economy.
9. Structural reforms must ensure that land laws open up maximum benefits and potentials of the land, encourage labour productivity and efficient and transparent entrepreneurship rules including registration, capital and lending matters.
10. Tax reforms should be broad-based, not about sharing of revenue but promoting productivity and competitiveness in all aspects of endeavours and infrastructure reforms should make transportation of people and goods safe and cost effective.
11. Monitoring economic crimes must be thorough and should go beyond arresting of “Yahoo boys” and those spraying Naira notes, but those devaluing the Naira and abusing economic rules and regulations.
Warnings
12. Adebayo left some stern terse warnings for the business sector and for the government of Nigeria.
13. Business executives and professionals should not ask or encourage government for specific reforms but for general broad-based reforms as firm-specific reforms can enhance operations of specific firms or business in the short term but will ultimately kill the industry.
14. Government should not meddle into business or be guided by partisan businessmen; government should meet business only at the junction of regulatory framework.
15. Government should be selfless and honest in carrying out reforms, incorporate measurable performance indices and ensure that reforms are implemented in a way not to inflict pains or punishment on the people.
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