The Minister of Justice and the Attorney General of the Federation, Prince Lateef Fagbemi, has said that the issue of economic development and rule of law are like Siamese twins.
Speaking on 'the Rule of Law and Attracting International Investment Towards Food and Energy Security in Africa' at the Food and Energy Security in Africa Conference held in Lagos, weekend, Fagbemi said anybody coming to invest in the country would want to know what the position is in respect or regarding the rule of " so as to make an informed decision whether or not to come, what to prepare for and how to prepare."
Fagbemi added that rule of law has to be the foundation and in that respect, predictability and certainty are key values in ensuring the rule of law.
On the rule of law in the energy sector of the economy, the Minister: "It is so important that just in 2021, with the support of COP26, Nigeria's energy transition plan was created with the sole aim of achieving net zero emissions by 2060.
"This is a measure that I believe sets a benchmark for a new timeline in which a certain achievement should be made."
He added that Nigeria's goal to progressively transition to renewable energy and reduce carbon emission will require the commitment of different parties, including but not limited to the justice sector.
"So this is where the issue of the justice sector and the rule of law will come in to facilitate the achievement of this goal.
"Nigeria therefore needs what I would call a conducive legal regime or environment to bolster this aspiration of energy."
Fagbemi explained that by strengthening the legal regime the federal government will be attracting foreign investors to the country.
He said, "I want to add that by strengthening the legal regime, eliminating corruption and promoting transparency and accountability, all commercial procurement in the state is set for promotion, development and maturing of the energy sector, and to make Nigeria more attractive to investors and again specifically those in the energy sector".
