Why Legislation?3 months ago
As one of the two primary sources of law, Legislation plays a significant role in the maintenance of the Rule of Law and plays a vital role in the economic development of any Nation. As important as Legislation and its economic and socio-political effects are, many Nigerians are still in the dark on what it is, the extent of its consequences on their lives and how they can participate in influencing and determining the legislative process.
What is Legislation?
Simplistically, Legislation is a law or a set of laws that has been passed through both Houses of Legislature and has received Presidential Assent by the Executive. It is the process or product of enrolling, enacting or promulgating law by a legislature, parliament, or any “body” prescribed by the constitution to carry out such activities. Before Legislation becomes law, it is referred to as a Bill. It may be broadly referred to as "legislation" while it remains under consideration to distinguish it from other businesses.
What is the Purpose of Legislation?
Legislations are designed to regulate, authorize, outlaw, provide (funds), sanction, grant, declare, or restrict activities. Rules and regulations created by Legislation build a sustainable, diversified, and socially inclusive economy that will create opportunities for its citizens, simultaneously creating jobs and reducing poverty. Its economic policies and innovations must be underpinned by Legislation.
Why is Legislation Important for the Economy?
Legislation influences economic development in growing economies and is vital for political stability and attracting investment. Legislations set up an environment conducive to the economy's development and attractive to foreign and local investors. Through the instrument of Legislation, governments establish good laws, institutions, and processes in place, ultimately resulting in a system of accountability, stability, equality, and access to justice for all. It also helps lower levels of corruption and instances of violent conflict. Thus, creating an environment that is friendly for business and attractive to investment.
Legislations provide predictability and stability - qualities that are prerequisites for any economic system to function. The need for predictability is especially significant in developing economies where most people are entering economic relationships beyond their traditional social environment for the first time. Included in the stability function is the potential of law to balance and accommodate competing interests. Aspects of fairness, such as due process, equality of treatment, and standards for government behaviour are necessary for maintaining the market mechanism and preventing bureaucratic excesses. A lack of standards of fairness is one of the most significant problems confronting developing nations.
Inalegwu Ochoche Aje is the Private Sector Liaison Officer, NASSBER