President Bola Tinubu-led federal government has set up a nine-member committee to review the Nigerian Investment Promotion Commission (NIPC) Act and bilateral investment treaties (BITs).
Special assistant to the president on communication and publicity, office of the minister of justice in Abuja, Kamarudeen Ogundele, announced the inauguration in a statement on Friday.
According to Ogundele, the review aims to create a modern legal framework that fosters a favourable investment environment while safeguarding national interests.
The committee, chaired by Funke Adesanya, a senior advocate of Nigeria (SAN), has a timeline of four months to review the BITs and NIPC Act.
Other members of the committee are Fidelis Oditah, SAN; Emilia Onyema, a professor; Babatunde Fagbohunlu, SAN; Momoh Kadiri; Aisha Rimi, the executive secretary of NIPC; Oba Nsugbe, SAN; Tolu Obamuroh; and a representative of the federal ministry of industry, trade and investment.
Speaking at the inauguration, minister of justice, Lateef Fagbemi, said the move was part of efforts to advance law reforms, provide clarity and certainty in Nigeria’s corpus juris, foster a conducive environment for foreign investments, and safeguard the national interests.
Fagbemi also said BITs play a pivotal role in attracting foreign direct investment (FDI) and are the cornerstone of the nation’s trade and economic diplomacy.
“The Role of BITs in forging partnerships and securing prosperity cannot be over emphasized,” he said.
“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’’
Fagbemi said the committee’s primary objective in reviewing the BITs is to harness previous efforts to conduct a comprehensive review and reform of existing BITs and identify areas where they may be outdated or require modification, re-negotiation or outright termination.
He added that the 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.
“The review will enable Nigeria to modernise our BITs and align them with contemporary international standards and best practices,” he said.
“It will also enhance investor protection to ensure that foreign investors enjoy adequate legal protection, while upholding the principles of fairness and reciprocity.
“The review will equally safeguard our national interests to strike a balance between attracting foreign direct investment and protecting our domestic industries and natural resources.
“It will ensure fair and equitable treatment of foreign and national investors, and achieve a balanced and equitable approach to negotiating future BITs.
“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.
“It will as well enable technology transfer and local capacity building, as well as incorporate provisions that safeguard our environment, labour standards, and human rights.”
