The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), has inaugurated a nine-member committee to review Nigeria’s Bilateral Investment Treaties (BITs) and the Nigerian Investment Promotion Commission (NIPC) Act.

The committee, chaired by Mrs. Funke Adekoya (SAN), has been given four months to complete its assignment. Other members include prominent legal experts Prof. Fidelis Oditah, KC, SAN, Prof. Emilia Onyema, and Mr. Babatunde Fagbohunlu (SAN).

Speaking at the inauguration ceremony attended by the Ministry’s Permanent Secretary, Mrs. Beatrice Jeddy-Agba, Fagbemi emphasized that BITs are crucial for attracting foreign direct investment and serve as the cornerstone of Nigeria’s trade and economic diplomacy.

“The global economic landscape has evolved significantly over the years, and it is imperative that we reassess our BITs to ensure they remain relevant and effective,” the AGF stated.

The review aims to modernize Nigeria’s investment treaties, enhance investor protection, safeguard national interests, and promote sustainable development. The committee will build upon the 2016 Nigeria-Morocco BIT model, which introduced a new bilateral investment regime.

Committee Chairperson Adekoya assured that the group would propose a framework beneficial to both Nigeria and investors.

Other committee members include Mr. Oba Nsugbe, KC, SAN, Mr. Tolu Obamuroh, Mr. Momoh Kadiri, a representative from the Federal Ministry of Industry, Trade and Investment, and Ms. Aisha Rimi, Executive Secretary/CEO of NIPC.

The initiative is part of the government’s efforts to reform laws, provide legal clarity, and create a conducive environment for foreign investments while protecting national interests.

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