The Federal Government has launched a nine-member committee to review Nigeria’s Bilateral Investment Treaties (BITs) and the Nigerian Investment Promotion Commission (NIPC) Act. This initiative, announced by Kamarudeen Ogundele, Special Assistant to the President on Communication & Publicity, aims to establish a modern legal framework that balances investor appeal with Nigeria’s national interests.
At the inauguration, Minister of Justice Lateef Fagbemi (SAN) emphasized that this review is essential for advancing Nigeria’s legal reforms, enhancing foreign investment appeal, and supporting a fair trade environment. Fagbemi noted that while BITs are pivotal to Nigeria’s economic diplomacy, they require updates to reflect global economic shifts, boost investor confidence, and build strong partnerships.
The committee, chaired by Mrs. Funke Adekoya (SAN), comprises notable legal experts including Prof. Fidelis Oditah (SAN), Prof. Emilia Onyema, Babatunde Fagbohunlu (SAN), and representatives from the Ministry of Industry, Trade, and Investment, among others.
Key objectives of the review include modernizing BITs to meet international standards, ensuring robust investor protection, safeguarding national interests, and fostering equitable treatment of both foreign and domestic investors. The committee will also focus on prioritizing Foreign Direct Investment (FDI) aligned with Nigeria’s sustainable development goals, promoting technology transfer, local skill development, and upholding environmental, labor, and human rights standards.
Additionally, the review draws on advancements made in the 2016 Nigeria-Morocco BIT, recognized as a balanced investment model. The committee is expected to complete its mandate within four months, marking a step forward in Nigeria’s bid to create a favorable investment environment that aligns with global best practices.
