FG To Reform Obsolete Laws On Investment

By IAfrica
In Nigeria
Sep 3rd, 2014

The federal government has said all obsolete laws inhibiting investment will be reformed to facilitate economic growth.

The Attorney General of the Federation and Minister for Justice, Mohammed Adoke (SAN), declared this in Abuja Tuesday at a workshop on the reform of the Sale of Goods Act in Nigeria organised by the Nigerian Law Reform Commission (NLRC).

He expressed regret that 121 years after it was introduced as a statute of general application, the Act had not been reformed.

Adoke, who was represented by his Special Assistant, Sola Odugbesan, said: “It has neither been domesticated nor undergone any form of reform since its introduction into the country over 100 years ago.

“It is not in doubt that such law needs a reform in order to bring it into conformity with modern changes in the society.

“This reform exercise in line with one of the fundamental policies of the transformation agenda of the present administration is to promote the growth of commercial activities that translate to a boost in the economy.

“The delivery of quality law reform is pivotal to the actual inaction of the transformation agenda.”

He said the federal government was pleased with the reform of the various laws especially those that directly promote the growth and development of the nation’s economy.

The Chairman of the commission, Prof. Oserheimen Osunbor, noted that the Sale of Goods Act 1893 had been repealed in the United Kingdom where it was first enacted.

He said the law was long due for amendment, noting that the Sale of Goods Act 1979 in operation in the UK had introduced mementos including the regulation of the English Contract Law and the UK Commercial Law.

He said the Nigeria Act had been criticised by jurists and legal scholars with the same conclusion that it was in need of reform.

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