The Federal Government of Nigeria has set up a nine- member committee to review Bilateral Investment Treaties (BITs) and the Nigerian Investment Promotion Commission (NIPC) ACT.
This is contained in a statement issued by Mr Kamarudeen Ogundele, Special Assistant to the President on Communication & Publicity, office of the Minister of Justice in Abuja.
Inaugurating the committee, the Minister of Justice, Lateef Fagbemi, said the move was part of efforts to advance law reforms, provide clarity and certainty in our corpus juris, foster a conducive environment for foreign investments, and safeguard our national interests.
He said BITs play a pivotal role in attracting foreign direct investment (FDI), and that they are the cornerstone of the nation’s trade and economic diplomacy.
“The Role of BITs in forging partnerships and securing prosperity cannot be over emphasized. They provide a framework of legal protection for investors and their investments, promoting confidence and stability.
“However, the global economic landscape has evolved significantly over the years, and it is imperative that we reassess our BITs to ensure they remain relevant and effective’’.
He said the primary objective of the committee to review the BITs is to harness previous efforts to conduct a comprehensive review and reform of existing BITs, identify areas where they may be outdated or require modification, re-negotiation or outright termination.
He added that the exercise is expected to build upon the advancements attained in the 2016 Nigeria – Morocco BIT, which is regarded as a new generation model BIT that ushered in a new bilateral investment regime.
“The review will enable Nigeria to modernize our BITs and align them with contemporary international standards and best practices.
“It will also enhance investor protection to ensure that foreign investors enjoy adequate legal protection, while upholding the principles of fairness and reciprocity.
“The review will equally safeguard our national interests to strike a balance between attracting foreign direct investment and protecting our domestic industries and natural resources.
“It will ensure fair and equitable treatment of foreign and national investors, and achieve a balanced and equitable approach to negotiating future BITs.
“The review will promote sustainable development, ensuring that FDI contributes to our nation’s economic growth and development agenda in a sustainable and responsible manner.
“It will as well enable technology transfer and local capacity building, as well as incorporate provisions that safeguard our environment, labour standards, and human rights”.
The committee, which has a timeline of four months, is chaired by Mrs Funke Adekoya, SAN.
Other members are Prof. Fidelis Oditah, SAN, Prof. Emilia Onyema, Babatunde Fagbohunlu SAN, Mr Oba Nsugbe, SAN; Mr Tolu Obamuroh, Mr Momoh Kadiri, representative of Federal Ministry of Industry, Trade and Investment, and Ms. Aisha Rimi, Executive Secretary/CEO of NIPC.