THE IMPERATIVENESS OF RULE OF LAW IN SUSTAINING BUSINESS ENVIRONMENT IN NIGERIA
THE IMPERATIVENESS OF RULE OF LAW IN SUSTAINING BUSINESS ENVIRONMENT IN NIGERIA
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Date
2015
Authors
IDRIS, Musa
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Abstract
One of the most shared and cherished value in the history of civilization is adherence to the rule of law. Global and continental bodies as well as the Federal Government of Nigeria have over the years made commitments to the enforcement of the rule of law in order to create a more orderly society and enabling business environment among others. However, the rule of law seems to have eluded our national live just as the increasing challenge of creating a sustainable business environment in Nigeria. This paper sought to examine the significance of the relationship between adherence to the rule of law and creation of sustainable business environment in Nigeria for the period 2000-2015. The research design was content analysis of secondary data from the Mo Ibrahim Foundation. The data was presented in tables and analysed using averages and percentages as well as the Pearson Correlation Coefficient to test the hypothesis. The study revealed a fair adherence to the rule of law but established a very poor business environment in Nigeria. The result of the hypothesis tested indicated that there exist a positive but very weak relationship between adherence to the rule of law and sustainable business environment in Nigeria. This means that though, the country experienced a fair adherence to the rule of law, this could not be translated to improving the business environment. The paper recommends for greater judicial independence to facilitate efficient and effective judicial processes and enforcement of property rights. Others include greater commitment to streamlining customs and procurement processes to avoid delays and increasing cost of doing business in Nigeria. The study suggests for further empirical research on the effect of insecurity and infrastructural development on sustainable business environment in Nigeria.