Investors are increasingly inclined to invest in jurisdictions that have an effective judicial system that promotes efficient and timely resolution of commercial disputes. This was highlighted by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, during the 22nd National Seminar on Banking and Related Issues for Judges, organized by the Institute of Chartered Bankers of Nigeria (CIBN) in collaboration with the National Judicial Institute (NJI).
According to the governor, foreign direct investment helps reduce pressure on foreign reserves, ease inflation and make the exchange rate less volatile, thereby promoting monetary and price stability. He also stressed that the role of justice is crucial to guarantee the effectiveness of monetary policy, the stability of the financial system, economic growth and development of the country.
Indeed, judicial decisions can have a significant impact on the economy, so it is crucial that economic reasoning is taken into account in the judicial decision-making process.
CIBN President, Dr. Ken Opara, added that the seminar aimed to bring together stakeholders from the banking and justice sectors to find common solutions to complex legal issues having implications on the banking industry. He also addressed issues such as the issuance of banking orders by trial courts, non-debit orders from the Economic and Financial Commission of Nigeria (EFCC) and inappropriate deployment of garnishments.
He also stressed the need to establish a specialized court to deal exclusively with commercial and financial disputes, rather than dividing cases among existing courts. Finally, he highlighted the growing cybercrime risks facing the financial sector, emphasizing the need to increase capacity across all sectors of the economy to combat this trend.
Overall, this seminar aims to promote best practices and provide sustainable solutions to the challenges facing the banking sector. By improving the efficiency of the justice system, Nigeria can attract more investors and promote the country’s economic growth and development.