ActionAid Nigeria (AAN), has observed that across Africa, there is increasing concern about outdated agreements and the Investor-State Dispute Settlement system, which allows investors the protection rights over the national interests, and shrink decisions making spaces.
The Country Director of ActionAid, Dr. Andrew Mamedu at the just concluded 2-day National Policy dialogue on Nigeria’s Bilateral Investment Treaties (BITS) in Abuja said in Nigeria, experiences in the extractive sectors have shown that these agreements can expose the country to significant fiscal and financial risks.
Mamedua who was represented by the Head of Programme and Policy, Mr Celestine Okwudili-Odo, said Nigeria is currently at a critical point in reviewing its investment governance framework, particularly its Bilateral Investment Treaties.
He said as the country seeks to attract foreign direct investment, there is also a growing need to ensure that these agreements protect national interests, preserve policy space, human rights, dignity of labour and align with sustainable development priorities.
He said discussions on investment treaty reform are gaining momentum globally and across Africa.
“This event creates a timely space for Nigeria to take a more deliberate and informed approach to reforming its investment framework in a way that supports development, accountability, and capable of spurring Effective reform requires coordinated sustainable development. engagement,” he said.
Also speaking, Executive Director of Policy Alert,Tijah Bolton-Akpan described many BITs as “outdated” and biased in favor of investors.
He argued that the ISDS system has “outlived its usefulness” and often sidelines the interests of host countries.
