LBC is an annual event put together by the Legal Business Network in furtherance of its core objectives which include educating and enlightening professionals on contemporary legal and business issues and supporting organizations and entrepreneurs generally to build legally protected businesses.
Focus and Theme of LBC 2023
For the economy of any country to boom, certain sectors of the economy must be functional. The Power and Energy sectors, Digital Technologies as well as Ease of Doing Business are critical for the advancement of the economy.
The theme of LBC 2023 is “Powering Tomorrow’s Economy Today”.
The conference targets policymakers, investors, energy experts, researchers, economists, lawyers, technologists, business executives and other stakeholders interested in energy, digital economy and ease of doing business.
One Hybrid Conference, Three Engaging Sessions
The Conference comprises three sessions as follows:
This session highlights the significance of energy in driving economic activities and shaping national development trajectories through the identification of the challenges posed by current energy systems, including unsustainable reliance on fossil fuels and associated environmental and security concerns.
It presents evidence and case studies demonstrating the positive correlation between energy consumption and economic output, illustrating how energy-intensive sectors such as manufacturing, transportation, and infrastructure development rely on abundant and reliable energy sources.
By highlighting the integral connection between energy availability, accessibility, and affordability, and economic productivity and industrial development, it stresses the importance of transitioning to cleaner, renewable, and more efficient energy sources such as solar, wind, hydropower, and nuclear energy, to mitigate these challenges.
The session also discusses the economic opportunities associated with this transition, such as stimulating innovation, creating new industries, and generating employment. It concludes by emphasizing the role of policy frameworks, international cooperation, and public-private partnerships in facilitating the transition to sustainable energy practices for fostering economic growth and mitigating environmental risks.
This session gives insight on the transformative impact of the digital economy on businesses and the various opportunities and challenges it presents. In an increasingly interconnected world, businesses are leveraging digital tools and strategies to drive growth, efficiency, and innovation.
The digital economy has opened up new horizons for businesses, eliminating geographical barriers and enabling global reach. Through e-commerce platforms and digital marketing channels, businesses can expand their customer base, tap into new markets, and drive revenue growth.
One of the significant advantages of the digital economy is increased efficiency and cost savings. Automation, artificial intelligence, and machine learning technologies streamline business processes, reducing manual effort and minimizing human error. The digital economy also offers businesses the opportunity to make data-driven decisions.
While the digital economy presents numerous opportunities, it also brings challenges and uncertainties. Businesses must navigate issues such as cybersecurity threats, data privacy regulations, and the need for continuous digital transformation. Therefore, there exists a great need for robust security measures, proactive risk management, and compliance with regulatory frameworks.
By embracing digital technologies and strategies, businesses can unlock new growth avenues, improve operational efficiency, and create valuable customer experiences.
The business enabling environment plays a crucial role in fostering economic growth and attracting investments in any country. This session examines the current state of Nigeria’s business enabling environment. It considers key factors such as infrastructure, regulatory framework, ease of doing business, government policies, and investment climate.
It recognizes government’s efforts to improve the ease of doing business and the results it yielded, as reflected in Nigeria’s improved ranking in the World Bank’s Doing Business report. The recent enactment of the Business Facilitation Act which amends 21 business-related laws, removing bureaucratic constraints to doing business in Nigeria is a huge launch into a better economy.
Despite experiencing growth in sectors such as telecommunications, e-commerce, and financial technology, Nigeria needs to address certain critical issues in order to enhance business enabling environment. By addressing infrastructure gaps, streamlining regulations, and fostering collaboration, Nigeria can create a more favorable environment for businesses to flourish, attract investments, and contribute to the country’s overall economic development.