Abdulwahab Isa 
An efficient judicial system is required to attract domestic and foreign direct investment, Central Bank Governor, Mr. Godwin Emefiele, said on yesterday. According to him, the judicial system is critical to strengthening confidence in Nigeria’s economy. He spoke in Abuja at the opening of capacity building workshop on banking and financial services sector for judicial officers organised by apex bank.
The workshop is themed: ‘The law and modern banking: adaptation and issues regarding digital products and services; regulation of payment service banks and other emerging digital payment services.” Harping on the importance of judiciary to the economy, the CBN governor said: “The importance of the judiciary to the economy is underscored by the fact that an efficient judicial system helps to strengthen confidence in our economy, which is required as part of our efforts to attract domestic and foreign direct investment.
“This is because investors are more willing to invest in jurisdictions where the rule of law takes prominence in shaping business and investment decisions. The judiciary helps to ensure that all parties adhere to legal and ethical standards, and individuals and businesses can seek relief through the law courts on violations of agreenments. They can also be sure that disputes will be treated swiftly and fairly in accordance with the prevailing laws.
“The presence of a fair and just legal system will help in attracting much needed foreign investments. Such investments will help to reduce pressure on our foreign reserves, enhance monetary and price stability, and reduce exchange rate volatility. “Workshops such as this also help in updating distinguished legal community on emerging trends in the financial services industry, with a view to enhancing their knowledge on how to build legal frameworks that will contribute to the growth of the financial services industry, and at the same time dealing with some of the emerging risks associated with these innovations.”
