OAL Completes Comprehensive Law and Development Consultancy for the Federal Government of Nigeria

Olisa Agbakoba Legal (OAL) recently completed a comprehensive Law and Development consultancy for the Federal Government of Nigeria. The project focused on Financial Services, Maritime, Aviation, Space, and Legal and Justice, with the aim of stimulating revenue generation, job creation, economic growth, and improving governance.

Maritime Sector:

• Enacting key bills such as the Ports and Harbor Bill, Maritime Spatial Planning Bill, and Maritime Zones Bill to establish robust regulatory frameworks.
• Developing digital infrastructure with legal frameworks for Maritime Autonomous Surface Ships (MASS) and electronic Bills of Lading (eB/L) to enhance efficiency and security.
• Modernizing cabotage laws to foster domestic shipping and create jobs.
• Strengthening maritime safety and security by establishing a dedicated Coast Guard and creating a Ministry of Maritime and Blue Economy.
• Streamlining administrative structures by moving the Department of Fishery to the Federal Ministry of Transportation for improved coordination.

Aviation Sector:

• Enacting the Fly Nigeria Bill to promote domestic airlines and stimulate economic activity within the sector.
• Implementing corporate governance standards by issuing a regulatory framework for the aviation industry to enhance accountability and transparency.
• Facilitating asset financing by activating the Cape Town Convention to enable easier access to asset-based financing and leasing of aviation equipment.

Space Sector:

• Amending the NASRDA Act by incorporating provisions from the UK Space Industry Act to modernize the regulatory landscape.
• Domesticating international space treaties, including the Artemis Accord to ensure Nigeria’s participation in international collaborations.
• Promoting domestic satellite data by issuing an executive order mandating government agency to procure satellite data from NASRDA.

Legal and Justice Sector:

• Implementing a speed-of-justice policy by adopting Model Civil Procedure Rules and Practice Directions to streamline procedures.
• Promoting alternative dispute resolution by implementing the National Policy on Arbitration and Alternative Dispute Resolution (2023) and enacting the Administration of Civil Justice Bill.
• Enhancing judicial capacity by introducing sector-specific courts or quasi-judicial tribunals and regularly reviewing and updating relevant laws.

Financial Services Sector:

• Enacting banking legislation to create a conducive environment for banks to provide credit to businesses and consumers.
• Facilitating property-based borrowing by implementing the Land Use Administration Bill to enable property-based lending.
• Strengthening credit guarantees by establishing a Credit Guarantee Corporation and recapitalizing the Development Bank of Nigeria.
• Modernizing financial regulations by unbundling the Central Bank of Nigeria to create supporting agencies and adopting the UK Financial Services Act as a model for Nigeria’s financial sector.
• Enhancing insolvency mechanisms by introducing the Corporate Insolvency and Governance Bill.

OAL developed over 50 legislative proposals, executive orders, and bills with the potential to generate N100 trillion and create over 4 million jobs. Some recommendations, such as the establishment of the Ministry of Marine and Blue Economy and the Credit Guarantee Corporation, have already been implemented, while others are under active consideration by the Federal Government.