How Nigeria can achieve socio-economic stability

The Regional Director of Ford Foundation West Africa, ChiChi Aniagolu-Okoye, has said the rule of law is central to achieving socio-economic stability in Nigeria.

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Ms Aniagolu-Okoye spoke recently in Enugu at the 2024 Annual Law Week of the Nigerian Bar Association (NBA), Enugu State Chapter.

Economic condition in Nigeria

Nigeria is battling severe economic hardship. Prices of products and service prices have skyrocketed to unprecedented levels, disrupting social life and putting pressure on families and other social institutions.

Although many have linked Nigeria’s ravaging economic hardship to the removal of the petrol subsidy, Ms Aniagolu-Okoye stressed that upholding the rule of law was imperative in achieving good governance and stabilising the country’s socio-economic condition.

She noted that strengthening the rule of law can address Nigeria’s current socio-economic challenges, including a declining Gross Domestic Product and rising inflation.

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

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

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“This is because the rules of engagement in business, provision of services, and human relations must be seen to be fair and legitimate to give citizens and investors the confidence to flourish economically.”

Critical role of lawyers, NBA

Ms Aniagolu-Okoye also said that lawyers and the NBA play “critical roles” in promoting the rule of law and good governance in Nigeria.

She urged lawyers to use their position as legal practitioners to demand accountability from those in positions of power in Nigeria.

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

“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,” she stated.