Former Vice President, Prof. Yemi Osinbajo, has stated the need to ensure consistency in the application of rules and governance policies as a crucial step toward preventing the frequent and disruptive reversal of projects in Nigeria.
Speaking at the 19th Annual Lecture organised by Aelex in Lagos yesterday with the theme “Rule of Law and Economic Development: The Nigerian Experience,” Osinbajo stated that such inconsistency had become a significant barrier to sustainable development and economic growth.
According to him, it is imperative that comprehensive reforms be instituted to ensure policy continuity across various institutions and government agencies. He said the reforms would not only help to stabilise the governance framework but would create an environment where long-term planning and project execution could thrive without the fear of abrupt policy changes.
Osinbajo pointed out that policy inconsistencies undermine investor confidence and hinder the country’s economic potential. He pointed out that unpredictable shifts in policies create uncertainty that discourages both local and foreign investments, thereby stifling economic progress and innovation.
The inconsistency, according to him, disrupts the business climate, making it difficult for enterprises to commit resources confidently over the long term.
In addition, Osinbajo emphasised the importance of meaningful stakeholder consultations prior to any significant policy shifts. He contended that engaging all relevant parties, including civil society, the private sector, and community leaders, would ensure that policies were inclusive, well-informed, and enjoyed wider-based support.
Also speaking at the event, the Lagos State Governor, Babajide Sanwo-Olu, described the rule of law as the unseen infrastructure of a prosperous society.
Sanwo-Olu, who was represented by the state Attorney General, Lawal Pedro, said: “When justice is swift and impartial, business grows, but when the law is uncertain or inconsistently applied, growth stagnates and innovation declines.”
He cited Lagos State’s legal and institutional reforms as drivers of its transformation into Nigeria’s commercial hub, stressing that the state’s success was the result of deliberate policies and bold judicial innovation.
However, he cautioned residents against disregarding laws and regulations, urging voluntary compliance with state policies on taxation, environmental standards, and physical planning.
Sanwo-Olu emphasised that where laws were not applied or enforced consistently, progress would inevitably slow, and the foundations of growth would become unstable.He noted that various studies had shown a clear link between a strong legal system and the inflow of development into a country.
