The Council of the Nigerian Bar Association Section on Business Law (NBA-SBL) and the 2015 Conference Planning Committee has unveiled the speakers and panelists for the 9th Annual Business Law Conference, which takes place from Sunday June 7-9, 2015 at the Expo Centre of the Eko Hotel and Suites in Victoria Island, Lagos.
As we join the rest of the business law community in its countdown to the conference, you will find here weekly highlights of the conference, its speakers and panelists.
This year, the Annual Business Law Conference will feature an array of dynamic and erudite speakers addressing topical issues including the impact of global trends on the Nigerian economy, Nigeria’s ease of doing business and business development strategies for law firms.
Scheduled to speak at the PREMIUM PLENARY SESSION is the Chief economist of PwC’s UK firm, JOHN HAWKSWORTH.
Based in London, Hawksworth leads the macroeconomic research and thought leadership programme covering not just the UK but also the global economy more generally. He has over 25 years of experience as an economics consultant in the UK and overseas, working with a wide range of blue chip companies and governments, as well as international institutions such as the World Bank and the European Commission. He is also a regular commentator on economic issues in the UK media.
In this edition, Hawksworth who will be speaking on the ‘Long-Term Global Economic Trends And Implications For Nigeria’ shares with us a sneakpeak of his session at the conference.
HE SAID:
“I will take a look at some of the megatrends that will influence the development of the global economy over the next few decades, including demographics, natural resource scarcity, technological change and the shift in economic power to China, India and other leading emerging economies. I will then discuss the many opportunities this creates for Nigeria, but also the challenges to be overcome to realise this great potential.
HE ALSO SPEAKS ABOUT PwC’s WORLD IN 2050 REPORT AND WHAT IT PROJECTS FOR NIGERIA?
Our projections suggest that Nigeria could break into the top 10 economies in the world, ranked by GDP, by 2050 if it can follow appropriate growth-friendly policies. But fulfilling this potential will not be automatic, it requires sustained investments in infrastructure, education and industrial development, as well as enhanced political stability and rule of law (as discussed further below).
ON CHINA’S GROWING INVESTMENT PORTFOLIO IN AFRICA
Much of this investment has been driven by China’s ravenous appetite for natural resources, including oil and gas, metals and other minerals. It is also aimed at getting access for Chinese goods to fast-growing African consumer markets, not least in Nigeria. In return, China has made valuable investments in areas like transport infrastructure. I think this investment will continue, but it needs to be on terms that support development of more diversified domestic economies in Nigeria and other African countries. The nature of the Chinese investment may also change as its economy shifts away from a focus on low-cost manufactured exports towards higher valued products and domestic-led consumer growth that may be less resource-intensive.
ON DROPPING CRUDE OIL PRICES AND WHAT NIGERIA SHOULD DO
In the short term, this clearly poses some challenges for Nigeria, but there is also an opportunity if it provides a stimulus to take faster action to diversify Nigeria’s exports and government revenues away from their current heavy reliance on oil and gas. This would make the economy less sensitive to global commodity price shocks and could create more skilled jobs in areas like manufacturing and business and financial services. This would make growth more stable and sustainable in the long run.
He also speaks on significant demographic dividends for Nigeria, increased investments, and other critical issues about this economy. To hear more and participate in the discourse, make it a date to attend the 9th Annual Business Law Conference in Lagos, May 7-9, 2015
