Herbert Wigwe, the Group Managing Director of Access Holdings PLC, on Monday urged Nigerian legislators and practitioners of law to embrace globalisation and remain adaptable in order to foster global trade and international investments. Wigwe made this call while delivering a captivating keynote speech at the 2023 Annual Law Week event organised by the Lagos Branch of the Nigerian Bar Association.
The event, themed “Facing the Future: Law in a Globalized Economy”, aimed to assess the evolution of legal practice and explore the crucial role of the law in an increasingly interconnected global economy.
Delivering the keynote address at the conference, emphasised the significance of standardising laws across different countries to facilitate seamless international trade, affirming that, “With diverse legal systems in each country, the standardisation of laws are imperative to facilitate international trade and investment. If we are to encourage engagement in cross-border trade and investment, the globalised economy needs legal systems that offer certainty and predictability to businesses. It is therefore essential to establish robust legal frameworks and effective enforcement mechanisms that ensure parties can rely on the law to resolve cross-border disputes and protect their rights.
Drawing from his extensive experience as a banker and leader of Access Holdings’ expansion across Africa, Asia, Europe, and the Middle East, Wigwe highlighted the profound impact of globalisation on businesses and economies across continents. He also emphasised the pressing need for legal systems to adapt to the rapid pace of technological advancements, the challenges of cross-border transactions, and the complexities of international regulations.
“As we navigate this new reality of globalisation, we must embrace it wholeheartedly. Only by embracing change and actively working towards harmonising legal systems can we fully leverage the benefits of a scaled economy,” Wigwe concluded.
The Annual Law Week brought together distinguished leaders and intellectuals from the legal profession and various sectors to engage in thoughtful discussions surrounding the theme of the event. Notable personalities who delivered goodwill messages included Babajide Sanwo-Olu, Executive Governor of Lagos State; Honourable Justice Kazeem Alogba, Chief Judge of Lagos State; Yakubu Maikyau, SAN, National President, Nigerian Bar Association, and Honourable Mubashiru Obasa, Speaker of the Lagos State House of Assembly.
