Proper agreement on contract key to economic growth, says Lagos AG

The Lagos Attorney General and Commissioner for Justice Mr. Adeniji Kazeem‎, has said ‎the enforcement of contract and business agreement is the most important determinant of economic development and one of the solutions to the challenges bedeviling contractual relationship between Government and the contractors.
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He stated this in a keynote address ‎tittled: ‘Contract Formation, Disputes Avoidance and Resolution’ at a stakeholders’ forum organised by the Directorate of Commercial Law, Ministry of Justice, Alausa in Ikeja.

Kazeem said the forum will provide an opportunity where all parties involved in Project execution for the State Government to bring their challenges to the fore, discuss them and chart the way forward.

He also noted that the mission statement of the Economic Empowerment and Development Plan of the Akinwunmi Ambode’s Administration is to achieve a vision of poverty eradication and attain sustainable economic growth through infrastructural renewal and development.

He stated that the state government engages the expertise and knowledge of people/institutions in the private sector to bring about its infrastructural renewal and development by entering into commercial agreements with contractors.

Attorney General contended that contract formation and contract disputes avoidance and resolution play a crucial role in economic development by allowing individuals to conduct their transactions with some predictability.

However, the Solicitor-General and Permanent Secretary, Ministry of Justice, Mrs Funlola Odunlami in her welcome address said the forum is significant in the sense that it will educate the populace.

She added that the forum has been put together to ensure that those who undertake projects on behalf of the Government with the responsibility of monitoring them come together in order to have a clearer understanding and brainstorm to ensure “our assignments are better executed and aims achieved”.