Justice delivery system crisis in Nigeria and implications for foreign direct investment

Abstract

Foreign direct investment (FDI) is crucial for Nigeria because the country is in desperate need of funds to quicken its rate of economic development. The FDI inflow can be influenced by a variety of factors, including institutional, political, and economic ones, in addition to the existing legal framework. The primary obstacle to foreign direct investment (FDI) into Nigeria is the country's justice delivery system, which is the subject of this paper. The unpredictable inflows of investment that result from this crisis keep the nation from enjoying the benefits that come with it. These advantages include higher living standards, increased productivity, domestication, and technological adaptation. The study also adopted the Ordinary Least Square (OLS) for estimation and found that Nigeria may lack a robust justice system or experience delays in the justice system, which hinders the inflow of FDI into the country. In order to speed up the delivery of justice while adhering to global best practices, Nigeria must thus implement improved case management systems and expedited procedures. To attract favorable foreign direct investments (FDIs), developing nations should embrace liberal and democratic economic systems in addition to pro-business reforms.