President Bola Tinubu has emphasized that building confidence in the judiciary is crucial for attracting both local and international investors to invest in Nigeria.
He made this declaration on Monday in Abuja during the opening of the 2023 All Nigeria Judges Conference of the Superior Courts, organized by the National Judicial Institute.
Represented by the Minister of Justice and Attorney-General of the Federation, Mr. Lateef Fagbemi, SAN, President Tinubu underscored the significant role of the judiciary in the economic transformation of Nigeria.
He highlighted that economic development cannot rely solely on the executive arm of government, and the judiciary plays a vital role in instilling confidence in investors regarding fair and expedited resolution of commercial disputes.
“Our economic transformation is not just in the hands of the executive alone, the judiciary has a significant role to play in this transformation journey.
“It is the judiciary alone that can build the confidence of investors that commercial disputes can be resolved fairly and speedily in manner that preserves and improves their investment.
“Such a realisation alone will significantly improve our position to be an investment destination,’’ the President said.
While reiterating his commitment to ensuring absolute independence of the judiciary, the President also said that he had directed that the issue of the upward review of remuneration of judicial officers be revisited.
“I have directed the Revenue Mobilsation, Allocation, and Fiscal Commission to review its previous unacceptable recommendation of a 114 per cent increase in the remuneration of judicial officers.
“I have asked them to come up with a more realistic rate that will reflect the present economic realities, and I am optimistic that the process will be concluded soon.’’
Tinubu also appealed that legal practitioners in private practice who had distinguished themselves should be considered for appointment to the appellate courts.
“I am of the strong view that, in order to further strengthen our appellate courts, qualified, experienced, and diligent private legal practitioners should be considered for appointment to both the Court of Appeal and the Supreme Court.
“I believe that Nigeria will stand to benefit a lot from these appointments,’’ he said.