Nigeria launches review of bilateral investment treaties

African Law & Business
11th November,2024
By Natasha Doris

The state’s trade policies will be updated over the coming months by a nine-member committee.

The Nigerian administration has begun a review of its Bilateral Investment Treaties (BITs). The process will last for four months, and was launched on 8 November by the Attorney General of the Federation and Minister for Justice, Prince Lateef Fagbemi, who has formed a committee of nine members to undertake the project.

The committee aims to update its BIT regime to modernise existing agreements and discard treaties that have no further relevance to Nigeria’s trade environment. The process is set to build on progress made during the 2016 Nigeria-Morocco BIT, which laid a foundation for the country to develop its BIT framework.

The Nigerian administration said it intended to improve investor protection, balance national and foreign interests, and promote sustainable development. The committee will also review the Nigerian Investment Promotion Commission Act, which came into force in 2004.

The committee consists of Prince Fagbemi and chair Funke Adekoya, along with Professor Fidelis Oditah KC, Professor Emilia Onyema, Babatunde Fagbohunlu, Oba Nsugbe KC, Tolu Obamuroh, Federal Ministry of Industry, Trade and Investment representative Momoh Kadiri, and executive secretary and CEO of the Nigerian Investment Promotion Commission Aisha Rimi.

Prince Fagbemi said in a statement: “BITs play a pivotal role in attracting foreign direct investment (FDI); they are the cornerstone of our trade and economic diplomacy.” He continued: “The role of BITs in forging partnerships and securing prosperity cannot be over emphasised. They provide a framework of legal protection for investors and their investments, promoting confidence and stability.”

The Prince added: “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.”