The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), has inaugurated 9-member committee to review the Bilateral Investment Treaties.
He also said the committee will review the Nigerian Investment Promotion Commission (NIPC) ACT.
At the inauguration was the Permanent Secretary of the Federal Ministry of Justice, Mrs Beatrice Jeddy-Agba.
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previous efforts to conduct a comprehensive review and reform of our existing BITs, identifying areas where they may be outdated or require modification, re-negotiation or outright termination.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.”
Fagbemi said the review will enable Nigeria to:
* Modernize our BITs: To align them with contemporary international standards and best practices.
* Enhance investor protection: To ensure that foreign investors enjoy adequate legal protection, while upholding the principles of fairness and reciprocity.
* Safeguard our national interests: To strike 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.
* Promote sustainable development: To ensure 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.
The committee chaired by Mrs. Funke Adekoya (SAN) has a timeline of four months.
Other members are Prof. Fidelis Oditah, KC, SAN; Prof. Emilia Onyema, Mr. Babatunde Fagbohunlu (SAN), Mr. Oba Nsugbe, KC, 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.
Responding, Adekoya assured that the committee would propose a framework that will be favourable to Nigeria and investors.
Kamarudeen Ogundele,
S A to the President on Communication & Publicity,
Office of the Attorney General of the Federation.
November 08, 2024
