Ford Foundation: Rule of law key to Nigeria’s socio-economic stability

Chichi Aniagolu-Okoye, the regional director of Ford Foundation West Africa, says the rule of law is critical in achieving good governance and socio-economic stability in Nigeria.

Speaking at the 2024 annual law week of the Nigerian Bar Association (NBA), Enugu chapter, Aniagolu-Okoye said the rule of law is the cornerstone of socio-economic development.

She stressed that the principles are essential for attracting investments, promoting economic growth, and reducing poverty.

“The rule of law is the foundation upon which socio-economic development is built,” she said.

“It guarantees equality, equity, human rights, and protection of basic freedoms, which are essential for attracting investments, promoting economic growth, and reducing poverty.”

Aniagolu-Okoye highlighted the connection between Nigeria’s economic challenges, such as a declining gross domestic product (GDP) growth rate and rising inflation, and the need for a governance system that ensures fairness and accountability.

She noted that socio-economic development depends on a predictable legal environment where the rules of engagement in business, services, and human relations are seen as fair and legitimate.

This, she noted, is crucial for building the confidence of citizens and investors to thrive economically.

She urged the legal profession, particularly the NBA, to take proactive steps in promoting the rule of law and good governance.

According to her, lawyers have a unique responsibility to hold leaders accountable and contribute to the establishment of a society where every Nigerian can live with dignity and prosperity.

“The NBA has a unique opportunity to shape the course of Nigeria’s history,” she said.

“By promoting the rule of law and good governance, lawyers can help create a society where every Nigerian can live with dignity, hope, and prosperity.”