The Federal Government has proposed the establishment of a national risk market and a specialised commercial dispute resolution tribunal as part of efforts to attract investment and deepen Nigeria’s capital market.
The Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, unveiled the proposals on Tuesday at the second Biennial Conference of the Capital Market Academics of Nigeria held in Abuja.
Oyedele said the proposed national risk market would allow the government to share risks with the capital market rather than carrying them directly on its balance sheet.
He explained that the initiative would cover political, climate, agricultural and infrastructure risks, as well as policy continuity insurance, export guarantees and credit enhancement instruments.
According to the minister, the framework would improve infrastructure financing by ensuring that risks are priced appropriately and allocated to parties best equipped to manage them.
Oyedele also proposed the creation of a specialised Commercial Dispute Resolution Tribunal to fast-track the settlement of business-related disputes.
He said the current judicial process poses a major challenge to investors, noting that commercial cases often take an average of 15 years to progress through the High Court, Court of Appeal and the Supreme Court.
The minister said lengthy litigation increases uncertainty, discourages investment and raises the cost of doing business.
He explained that the proposed tribunal would comprise judges and arbitrators with expertise in commercial, financial and capital market matters and would operate with digital case management systems and mandatory timelines to ensure speedy resolution of disputes.
According to him, the tribunal would complement the existing Investment and Securities Tribunal by providing a faster and more efficient mechanism for resolving commercial disagreements involving businesses, suppliers and joint venture partners.
Oyedele identified an independent judiciary, a credible Central Bank and an efficient public bureaucracy as critical institutions needed to attract sustainable investment.
He also urged government officials, professionals and the media to communicate economic reforms more effectively, stressing that long-term investment depends on sound policies, strong institutions, policy consistency and efficient justice delivery.
