The Federal Government establishes a nine-member committee to review Nigeria’s Bilateral Investment Treaties (BITs) and the Nigerian Investment Promotion Commission (NIPC) Act. This initiative is announced by Kamarudeen Ogundele, Special Assistant to the President on Communication & Publicity, in a statement released on Friday.
Modernizing Nigeria’s Investment Framework
During the committee’s inauguration, Minister of Justice, Lateef Fagbemi (SAN), highlights that this review aligns with Nigeria’s goal to attract more foreign investments by advancing legal reforms and ensuring a balanced trade environment. Fagbemi underscores the importance of BITs in Nigeria’s economic diplomacy, emphasizing their role in protecting foreign investments while advocating for the need to update these agreements to align with the evolving global economic landscape.
Objectives of the Review
The committee is tasked with a comprehensive examination of Nigeria’s current BITs to identify clauses that may be outdated and require renegotiation, modification, or termination. The review also aims to build on the advancements seen in the 2016 Nigeria-Morocco BIT, which is recognized as a new-generation model focusing on balanced bilateral investment agreements.
The key objectives of the review include:
- Modernization of BITs: Aligning Nigeria’s BITs with contemporary international standards and best practices.
- Enhanced Investor Protection: Ensuring foreign investors receive adequate legal protections while promoting fairness and reciprocity.
- National Interest Safeguards: Protecting local industries and natural resources, thus creating a conducive environment for investment.
- Fair Treatment: Promoting equitable treatment between foreign and domestic investors to ensure balanced negotiations in future BITs.
- Sustainable Development: Prioritizing Foreign Direct Investment (FDI) that aligns with Nigeria’s sustainable economic growth goals.
- Technology Transfer and Capacity Building: Incorporating provisions to encourage technology transfer, local skill development, and the protection of environmental, labor, and human rights.
Composition of the Committee
The committee is chaired by Mrs. Funke Adekoya (SAN) and includes prominent legal experts and sector representatives. Other members are Prof. Fidelis Oditah (SAN), Prof. Emilia Onyema, Babatunde Fagbohunlu (SAN), Mr. Oba Nsugbe (SAN), Mr. Tolu Obamuroh, Mr. Momoh Kadiri, a representative from the Federal Ministry of Industry, Trade, and Investment, and Ms. Aisha Rimi, who serves as the Executive Secretary/CEO of NIPC.
The committee has been given a four-month timeline to complete its mandate and present recommendations for updating Nigeria’s investment treaties and related legal frameworks.
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