The Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi (SAN), has inaugurated a nine-member committee tasked with reviewing Nigeria’s Bilateral Investment Treaties (BITs) and the Nigerian Investment Promotion Commission (NIPC) Act.
The move, according to Fagbemi, is part of the federal government’s broader law reform agenda to enhance foreign investment and safeguard national interests.
In a statement made available to Africa Health Report, (AHR) on Friday by the S A to the President on Communication & Publicity, Office of the Attorney General of the Federation, Kamarudeen Ogundele,
Fagbemi emphasised the importance of BITs in attracting foreign direct investment (FDI).
“Bilateral Investment Treaties play a pivotal role in fostering economic diplomacy and securing prosperity,” he said. However, the global economic landscape has evolved, and it is crucial that we reassess our BITs to ensure they remain effective and relevant.”
The committee, chaired by Mrs. Funke Adekoya (SAN), includes prominent legal and economic experts such as Prof. Fidelis Oditah, KC, SAN, and Prof. Emilia Onyema, alongside representatives from the NIPC and the Ministry of Industry, Trade, and Investment. The committee has been given a four-month timeline to complete the review.
Fagbemi outlined key objectives for the review, including modernising Nigeria’s BITs to align with international standards, enhancing investor protection, and safeguarding national interests, especially in balancing foreign investment with the protection of domestic industries and natural resources.
He also stressed the importance of promoting sustainable development and ensuring that FDI contributes to Nigeria’s growth while upholding labour standards and environmental protections.
In her remarks, Adekoya assured that the committee would propose a framework that benefits both Nigeria and foreign investors, further strengthening the country’s investment climate.
