Agbakoba Legal makes a case for Nigeria’s Bilateral Investment Treaties review

Agbakoba Legas has made a case for review of  Bilateral Investment Treaties (BITs) represent the means by which commercial interests between States and foreign investors are regulated and determined under international law.

BITs promote economic advancement through the flow of foreign capital or investment into the the economies of countries that often require financial stimulation. They are usually between two states and are created towards providing legal protection for foreign investors by specifying the applicable dispute resolution mechanisms the parties can adopt in the event of a dispute.

A review of many of the Nigerian Bilateral Investments Treaties reveals that the foreign investor is the only party that possesses the ultimate power to invoke the right to refer the investment dispute to arbitration, without any corresponding right to Nigeria.

In this article, Our Senior Associate, Dr Oluwole Akinyeye highlights the nature of Nigeria’s current policy relating to the resolution of disputes arising from Bilateral Investment Treaties (BITs), underscoring the need for an urgent proactive review.