Africa needs rule of law, strong institutions, others to prosper, says Ambode

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Chief Justice of Nigerian, Walter Nkanu Onnoghen (left); Minister of Power, Works and Housing,  Babatunde Fashola; Justice Patricia Mahmoud; President Nigerian Bar Association (NBA),  Abubakar Balarabe Mahmoud and Lagos State Governor Akinwunmi Ambode at the NBA 2017 Annual General Conference in Lagos... yesterday. PHOTO: AYODELE ADENIRAN<br />

Governor Akinwunmi Ambode of Lagos State yesterday said Africa could only experience sustainable growth and development with strong, vibrant and dynamic institutions guided by rule of law and global best practices.

The governor, who spoke at the opening of the Nigerian Bar Association 2017 Annual Conference with the theme, “Africa Business: Penetrating through institution building”, maintained that what separates the developing and developed economies of the world were time-testing institutional frameworks.

According to Ambode, these key elements are also critical to building trust and confidence of foreign investors.

His words: “I will also ask that, as you consider the consolidation of our institutions, please give a thought to issues concerning the ease of doing business in Nigeria and Africa. There is a need to streamline our policies to make for ease of investments across the continent.

“This has been one of our key commitments in the past two years. We have implemented reforms in key institutions such as the public service, land administration, transportation, justice sector, establishment of the office of Overseas Affairs and Investment as well as the Employment Trust Fund.

He continued: “These efforts are yielding some positive outcomes as evidenced by the fast improving status of Lagos State as one of the top preferred destinations for investment in Africa. But there is still a lot more to be done.”

The governor pledged his commitment to raising the bar in the state as well as partnering with progressive institutions to aid its growth aspirations.

“The Nigerian Bar Association is one of such institutions. We are confident that with your strategic support, we will obtain favourable legislation and legal interpretations to support our economic growth and further open up the state to investment,” he appealed.