information and consumers has not been enacted, and the legislative process is protracted. 3.31 The CRM also noted problems with commercial dispute resolution. The normal court system is not adequate to serve as the primary recourse option of business people. Archaic recording and filing systems result in a backlog of cases, particularly at state level. Capital market disputes are adjudicated by the Investment and Securities Tribunal (IST), an independent body with the same status as the High Court. However, the capacity of the tribunal needs to be improved in respect of its jurisdiction and mandate, and in human and technological terms. 3.32 There are weaknesses in oversight functions. They include overlapping regulatory powers and conflicting jurisdictions. A related issue is multiple taxation, since the mandates of the different tiers of government are not effectively reconciled and demarcated on some matters regarding licensing and registering businesses. There is a need to enhance the supervisory legal framework for, amongst others, the capital market, retirement benefits and the safety, environmental and energy sectors. Other problems relate to political issues and interference with the autonomy of oversight bodies. The CSAR has also identified an alarming shortage of capacity and lack of appropriate skills for regulatory oversight. 3.33 As part of its efforts to reposition the economy and accelerate the process of growth and development, Nigeria embarked on one of the largest privatisation programmes in Africa. Over 100 public enterprises were targeted for transfer to the private sector in about 14 sectors of the economy. They included the electricity, oil and gas, telecommunications and transport sectors. Other efforts by Nigeria to promote investment included using incentives like tax holidays, deductions and concessions. The country also re-engineered the Nigeria Export Processing Zones Authority (NEPZA) and the Nigerian Export Promotion Council (NEPC) to promote its exports effectively. In addition, Nigeria established a One-Stop Investment Centre (OSIC), another key initiative to promote investment. The OSIC is intended to shorten and simplify the administrative procedures for issuing business approvals, permits and licences, and for incorporating companies. Thirteen agencies now participate in the OSIC. 3.34 Despite these initiatives, investment is constrained by poor infrastructure, especially in roads and electricity supply. Poor policy implementation limits access to funds, and capital is expensive. The business environment needs to be improved in terms of security of life and property. Festering political instability, kidnapping and the taking of hostages in the oil-producing Niger Delta region, together with contract killings (with fruitless investigations by the police) are particularly worrying. 3.35 Key developmental challenges are how to deal with the large and expanding informal sector, and how to boost the growth of SMEs, whose problems include access to finance and shortage of skills. The Central Bank of Nigeria (CBN) undertakes a number of development activities through programmes such as: the Agricultural Credit Guarantee Scheme; 11