Trade Treaties, Agreements under Review-NIPC Boss
The Federal Government is to undertake series of reforms of Nigeria’s Bilateral International treaties to attract responsible, inclusive, balanced and sustainable investments.
The Executive Secretary of the Nigeria Investment promotion commission, Yawande Sadiku made this known during a Weimar meeting in Abuja.
She said the NIPC’s efforts was aimed at reviewing and validating bilateral investment treaties with several other countries to ensure Nigeria harvest maximum investment benefits from such bilateral trade deals.
She said the review would be done in compliance with global standards on labour, human rights, environment and corporate social responsibilities.
According to her, the review would also focus on inclusive approach that would mobilise investments and create jobs in line with investors’ rights with obligations.
The Director, Legal Department, Nigeria Investment Promotion Commission, Patience Okala explained that the move would also promote sustainable development objectives that aligns with agenda 2030 of the United Nations.
She noted that the bilateral agreement treaties, that would be reviewed to cover those signed between 1990 and 2001 fiscal periods.
Okpara said the review of some of the agreements would help the government avoid litigation such like the P&ID where the company had dragged Nigeria to Court for alleged breach of contract.(FRCN)