Success of foreign direct investment hinged on justice, equity and rule of law – Ambode

By Olasunkanmi Adebola 

Lagos State Governor, Mr. Akinwunmi Ambode, has stated that the efforts of his administration to make the State the investment hub of West Africa can achieve accelerated success if there is equity, respect for the rule of law and quick dispensation of justice.

The Governor has therefore charged officers and members in the temple of justice in the country to rededicate themselves to justice, equity, rule of law and quick dispensation of justice so as to fast track the trove of Foreign Direct Investment (FDI) in the country.

Governor Ambode who was represented by his deputy, Dr. Idiat Oluranti Adebule, stated this at the weekend during the 2016 Nigerian Institute of Chartered Arbitrators Investiture and Award Ceremony, held at Oriental hotel, Victoria Island, Lagos.

He noted that the key to making businesses thrive and promote investment growth is the primacy of the rule of law, justice and quick dispensation of justice, adding that his administration in the last few years has strengthened the machinery of the administration of justice towards assuring investors and the public alike of their safety and protection under the law.

While commending the leadership of the Institute for their service to the cause of promoting justice and dispute resolution in the country, Governor Ambode charged the new awardees to continue to exhibit exemplary professional competencies and outstanding skills that informed their consideration for the award by the Institute; advising that with their new status, it is the expectation of the larger society that our country will reap bountifully from their abilities.

Ambode expressed optimism that the practice and business of Alternative Dispute Resolution (ADR) especially arbitration would in the course of time, be positively impacted in justice dispensation in the country and therefore urged the Institute to continue to raise the required human capital for the quick and effective dispensation of justice.

In her keynote address entitled- ‘International Investment Transaction and Dispute Resolution, Promoting Alternative Dispute Resolution in Nigeria’, President, Lagos Chamber of Commerce and Industry, Mrs. Nike Akande, said that investors dreaded going to court for settling of disputes due to cost and time-consuming proceedings.

She noted that Alternative Dispute Resolution was attractive to investors as it was time-saving and gives prompt access to justice, adding that the current economic situation of the country calls for urgent steps to be taken to boost investors’ confidence.

“We need investors now more than ever before. We need private capital both within and abroad to stimulate the economy. An important factor to make this happen is to ensure a dispute resolution mechanism that would inspire the confidence of investors,” Akande stated.