FG Constitutes Committee To Review Bilateral Investment Treaties, NIPC Act

The Federal government has constituted a nine-member committee to review the Bilateral Investment Treaties as well as review the Nigerian Investment Promotion Commission (NIPC) ACT.

The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), who inaugurated the committee, explained that 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 also said the committee would review the Nigerian Investment Promotion Commission (NIPC) ACT.

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previous efforts to conduct a comprehensive review and reform of our existing BITs, identifying areas where they may be outdated or require modification, re-negotiation or outright termination.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.

In a statement by Kamarudeen Ogundele, S A to the President on Communication & Publicity, Office of the Attorney General of the Federation, Fagbemi said the review will also safeguard national interests to strike a balance between attracting foreign direct investment and protecting domestic industries and natural resources.

It will also ensure fair and equitable treatment of foreign and national investors, and achieve a balanced and equitable approach to negotiating future BITs.

Other benefits include to promote sustainable development to ensure that FDI contributes to 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 the nation’s 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 would be favourable to Nigeria and investors.