The Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi (SAN), has inaugurated 9-member committee to review the Bilateral Investment Treaties and the Nigerian Investment Promotion Commission (NIPC) Act.
Speaking at the inauguration, which had the Permanent Secretary of the Federal Ministry of Justice, Mrs Beatrice Jeddy-Agba in attendance, the AGF said the move was part of efforts to advance law reforms, provide clarity and certainty in corpus juris, foster a conducive environment for foreign investments, and safeguard 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”.
A statement by the media aide to the AGF, Kamarudeen Ogundele on Friday said, “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previous efforts to conduct a comprehensive review and reform of our existing BITs, identifying areas where they may be outdated or require modification, re-negotiation or outright termination.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 the BITs, align them with contemporary international standards and best practices, enhance investor protection, ensure that foreign investors enjoy adequate legal protection, while upholding the principles of fairness and reciprocity among others.
The committee chaired by Mrs. Funke Adekoya (SAN) has a timeline of four months, with 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 as members.
Responding, Adekoya assured that the committee would propose a framework that will be favourable to Nigeria and investors.
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