Leading government officials, along with legal and financial experts have underlined the vital role that the law plays in fostering Nigeria’s economic growth.
According to the federal government, the tax reform legislation that is presently before the National Assembly is anticipated to have a multiplier effect on the economy.
This conversation happened at T&A Legal’s 15th anniversary seminar in Lagos. In her keynote speech, “Driving the Future Economy in Nigeria: The Catalytic Role of Law,” Dr. Jumoke Oduwole, Minister of State for Industry, Trade, and Investment, highlighted the firm’s historic accomplishment and said it exemplifies the strength of vision.
Oduwole declared that in order to promote prosperity for the populace, the federal government would keep up its efforts to create an enabling climate and enact legislation that encourages and supports investment retention.
She mentioned the tax reform bills that are presently in the National Assembly and stated that the economy will greatly benefit from their passage.
“We really believe that we wouldn’t get more investment than we need to catalyse our economy unless you support businesses operating in Nigeria, of which this firm is one,” she continued, while clarifying that to attract more foreign investment, the FG would use trade policy.
According to her, FG is committed to putting AFCFTA into effect in a way that will facilitate trade between Nigeria and the rest of Africa and the world.
Dr. Zachaeus Adedeji, the chairman of the Federal Inland Revenue Service, also spoke at the event and said that laws are a vehicle for promoting inclusivity, facilitating innovation, and releasing the country’s enormous resources.
According to Adedeji, effective, equitable, and open tax rules encourage compliance and create a sense of shared responsibility in addition to enabling governments to fund necessary infrastructure, healthcare, and education.
“The adoption of the tax reform bills demonstrates a commitment to justice, inclusion, and the development of a tax system that benefits all Nigerians,” he said, stressing that they reflect more than mere adjustments to fiscal policy.
The firm’s 15-year milestone success, according to Seyi Adisa, co-founding partner at T&A Legal, is a celebration of the founders’ vision and dedication, which have helped the firm reach its current state.