The Federal Government has inaugurated a nine-member committee to review Nigeria’s Bilateral Investment Treaties (BITs) and the Nigerian Investment Promotion Commission (NIPC) Act.

The Special Assistant to the President on Communications and Publicity, Kamarudeen Ogundele, announced the initiative via a statement issued on Friday.

According to the press release, the revision aims to create a modern legal framework that promotes a favorable investment environment while preserving national interests.

Strengthening Nigeria’s investment framework

While inaugurating the committee, the Minister of Justice, Lateef Fagbemi (SAN), stressed that the review aligns with Nigeria’s objective of advancing legal reforms, attracting foreign investment and ensure a balanced business environment.

• According to Fagbemi, BITs play a vital role in Nigeria’s economic diplomacy by providing a legal basis to protect foreign investments.

• However, he stressed the need to update these agreements to reflect the changing global economic landscape.

• He highlighted the role of BITs in building partnerships and ensuring prosperity, adding that they are also important in promoting confidence and stability for foreign investors.

Objectives of the revision of the BIT and the NIPC Act

The committee’s primary goal is to build on past efforts and align existing BITs with contemporary global standards.

This involves a thorough review of current BITs to identify clauses that may be obsolete or require renegotiation, modification or even termination.

The review also aims to build on progress made under the 2016 Nigeria-Morocco BIT, widely considered a next-generation model emphasizing balanced bilateral investment.

The Minister highlighted several key benefits that the review seeks to achieve:

• BIT Modernization: Aligning Nigeria’s BITs with current international standards and best practices.

• Enhanced investor protection: ensuring that foreign investors benefit from adequate legal protections while maintaining fairness and reciprocity.

• Safeguards of the national interest: protect national industries and natural resources while promoting an environment conducive to investment.

• Fair treatment: establish fair treatment between foreign and domestic investors, promoting balanced and fair negotiations in future BITs.

• Sustainable Development: Prioritize foreign direct investment (FDI) that supports Nigeria’s sustainable economic growth objectives.

• Technology transfer and capacity building: including provisions that encourage technology transfer, the development of local skills and the safeguarding of environmental, labor and human rights standards.

The committee, chaired by Ms Funke Adekoya (SAN), comprises eminent legal experts and representatives from key sectors.

The members include Prof. Fidelis Oditah (SAN), Prof. Emilia Onyema, Babatunde Fagbohunlu (SAN), Mr. Oba Nsugbe (SAN), Mr. Tolu Obamuroh, Mr. Momoh Kadiri, a representative of the Federal Ministry of Industry and of Trade, and Investment, and Ms. Aisha Rimi, Executive Secretary/CEO of NIPC.

The committee has a four-month mandate to complete the review.