Investment Protection Agreement In Nigeria

Nigeria has been involved in three cases within ICSID with respect to its investment agreements: we are not aware of any national legislation that could impede the implementation of an investment agreement against Nigeria. On the contrary, the International Centre for Settlement of Investment Disputes (Enforcement of Awards) Act, Cap I20, Laws of the Federation of Nigeria, 2004 (a national law), allows for the imposition of investment contract distinctions (ICSID) in Nigeria. This statute classifies these distinctions as if they were a ruling of the Supreme Court of Nigeria. This classification eliminates challenges and appeals related to the enforcement of such arbitral awards in Nigerian courts, given that the Supreme Court of Nigeria is the country`s last court of appeal. Please indicate, if any, whether bilateral or multilateral investment agreements to which the State is a party apply to the Overseas Territories. Foreigners are cordially invited to invest freely in any business in Nigeria (with the exception of those on the negative list in the Nigerian Investment Promotion Commission Act, Cap N117, Laws of the Federation of Nigeria 2004 (NIPC Act), .b companies that manufacture arms, ammunition, military and paramilitary clothing and equipment, narcotic drugs and psychotropic substances, etc.) and may freely return capital, interest, profits or dividends in freely convertible currency. Nigerian laws protect foreign investment from nationalization, expropriation or forced acquisition, except in rare cases and in cases of adequate compensation. They also provide an incentive for investment and create an effective dispute settlement procedure for investor-state arbitration. I Transnational groups are companies that cross national borders. The most important ones in Nigeria most often date from the imperialist era. They were based on the exploitation of natural resources such as coal, palm oil and groundnuts. They have access to a large capital base and have been engaged for centuries in the exploitation of resources in areas dominated by their home governments. .

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