AGF raises committee to review bilateral investment treaties, NIPC Act

The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), has inaugurated a nine-member committee to review the Bilateral Investment Treaties and the Nigerian Investment Promotion Commission (NIPC) ACT.
The AGF said on Friday that the move was part of efforts to advance law reforms, provide clarity and certainty in corpus juris, foster a conducive environment for foreign investments, and safeguard national interests.
He said, “As we are all aware, Bilateral Investment Treaties (BITs) play a pivotal role in attracting foreign direct investment (FDI); they are the cornerstone of our trade and economic diplomacy.
“The Role of BITs in forging partnerships and securing prosperity cannot be over emphasized.
“They provide a framework of legal protection for investors and their investments, promoting confidence and stability.
“However, 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 primary objective of the Committee to review our BITs is to harness previous efforts to conduct a comprehensive review and reform of our existing BITs, identifying areas where they may be outdated or require modification, re-negotiation or outright termination