Vol. 1 No. 3 (2023)
Articles

LEGAL AND REGULATORY CHALLENGES IN MOVING NIGERIA FROM A CONSUMPTION ECONOMY TO A PRODUCTION ECONOMY

EJIKE FRANCIS OKAPHOR
Department of Public and Private Law, Faculty of Law, Nnamdi Azikiwe University, Awka.
OKERE, Wisdom
Department of Accountancy, Bell’s University of Technology, Ota, Ogun State.
OFFORBUIKE SAVAGE NGWUTA
Department of Law, Nnamdi Azikiwe University, Awka.
NONSO JOHN OKOYE
Department of Banking and Finance, Nnamdi Azikiwe University, Awka

Published 2023-11-28

Keywords

  • Economic transition,
  • Production economy,
  • Consumption economy,
  • Legal challenges,
  • Regulatory challenges

How to Cite

EJIKE FRANCIS OKAPHOR, OKERE, Wisdom, OFFORBUIKE SAVAGE NGWUTA, & NONSO JOHN OKOYE. (2023). LEGAL AND REGULATORY CHALLENGES IN MOVING NIGERIA FROM A CONSUMPTION ECONOMY TO A PRODUCTION ECONOMY. West African Journal of Interdisciplinary Research, 1(3), 45-56. https://www.openjournals.ijaar.org/index.php/wajir/article/view/358

How to Cite

EJIKE FRANCIS OKAPHOR, OKERE, Wisdom, OFFORBUIKE SAVAGE NGWUTA, & NONSO JOHN OKOYE. (2023). LEGAL AND REGULATORY CHALLENGES IN MOVING NIGERIA FROM A CONSUMPTION ECONOMY TO A PRODUCTION ECONOMY. West African Journal of Interdisciplinary Research, 1(3), 45-56. https://www.openjournals.ijaar.org/index.php/wajir/article/view/358

Abstract

This study aims to analyze and evaluate the legal and regulatory obstacles that hinder Nigeria's progress towards becoming a production-driven economy. The researcher employed the doctrinal research method, analytical and descriptive approach in analyzing the primary and secondary data, particularly statutes, journal and online materials. It was found that while Nigeria has abundant human and natural resources, certain legal and regulatory framework pose significant challenge to the industrialization plan. First, the frequent amendment of the nation’s tax laws through the Finance Act, although commendable to capture evolving economic, social and political situations creates unpredictability for medium and long-term Foreign Direct Investments (FDI). Also, companies in Nigeria are overburdened with multiple taxes which if not managed will eventually clampdown on infant industries. Again, corruption in the private and public sectors is prevalent.  Anti-graft agencies should be strengthened by removing the powers of appointing and removing staff of the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) from the President. Nonetheless, the nation’s laws are internationally competitive in ensuring ease of business activities, especially with the amendment of the Banking and Other Financial Institutions Act (BOFIA), and Companies and Allied Matters Act (CAMA) in 2020. Others include the Copyright Act, 2022 and the signing into law of the Business Facilitation Act, 2023. In addition to other highlighted statutes, this paper identified inadequacies in these laws that may impact business activities. Overall, this study is relevant to lawyers, judges, lawmakers, researchers and policymakers. It fills the gap in legal literature in Nigeria’s industrialization initiative.

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