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The Nigerian Investment Promotion Commission (NIPC) on Tuesday said its efforts to review as well as validate bilateral investment treaties entered by Nigeria with several other countries were to ensure Nigeria harvest maximum investment benefits from such bilateral trade deals.
Yewande Sadiku, executive secretary of NIPC, gave the information during an interaction with newsmen on Tuesday in Abuja.
The executive secretary, who expressed concern that the commission during the review exercise noted that 17 out of 21 bilateral investment treaties scored less than 10 over 20 in ratings, as she noted that the review had become necessary to ensure Nigeria draw maximum benefits from various trade agreements.
“Some of the investment treaties agreements was negotiative long time ago. Some of them need to be reviewed in line with sustainable development goals. Some of them were negotiated in early 90s and may not factor in some current challenges we are facing now, such as terrorism and illicit flow concerns,” Yewande explained.
She spoke of the efforts of the commission to review the NIPC Act, which she said needed some review to ensure it fitted into the demands of global investment promotion standards.
“The NIPC Act is certainly due for review because it has been a long while since the Act was enacted in 1995, and the demands of modern trade and investment deals had necessitated the demand for a new investment drive,” she said.
The NIPC Act was drafted in 1995, and some of the demands of 2019 investment drive are not captured in the Act. Already, we are engaging the Legislators in terms of what is required to make the review and we are making progress, she stated.
The executive secretary informed further that the commission had embarked on and completed some initiatives that would … Read More...