The Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, a Senior Advocate of Nigeria, has inaugurated a 9-member committee to review the Bilateral Investment Treaties(BITs) and the Nigerian Investment Promotion Commission (NIPC) Act.
The AGF 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, “As we are all aware, Bilateral Investment Treaties (BITs) play a pivotal role in attracting foreign direct investment (FDI); they are the cornerstone of our 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.
“The primary objective of the Committee to review our BITs is to harness previous efforts to conduct a comprehensive review and reform of our existing BITs, identifying areas where they may be outdated or require modification, re-negotiation or outright termination.
“This 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.” he added.
Fagbemi said the review will enable Nigeria to modernize our BITs aligning them with contemporary international standards and best practices, Enhance investor protection, ensuring that foreign investors enjoy adequate legal protection, while upholding the principles of fairness and reciprocity.
He also said the review will safeguard our national interests, striking a balance between attracting foreign direct investment and protecting our domestic industries and natural resources; fair and equitable treatment of foreign and national investors, and achieve a balanced and equitable approach to negotiating future BITs.
In addition, the AGF said 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; enable technology transfer and local capacity building, as well as incorporate provisions that safeguard our environment, labour standards, and human rights.
According to the AGF the committee will be chaired by Mrs. Funke Adekoya, a Senior Advocate of Nigeria and have a timeline of four months.
Other members of the commitee are Prof. Fidelis Oditah, KC, Mr. Babatunde Fagbohunlu, and Mr. Oba Nsugbe, KC, all Senior Advocates of Nigeria.
The rest are, Prof. Emilia Onyema, Mr. Tolu Obamuroh, Mr. Momoh Kadiri, representative of Federal Ministry of Industry, Trade and Investment, and Ms. Aisha Rimi, Executive Secretary/CEO of NIPC.