Policy experts have have called for the the complete overhaul of Nigeria Bilateral Investment Treaties (BITs) to  protect National interest, preserve human rights, dignity of labour and align with the Sustainable Development Priorities.

The call comes as the country is at the point of reviewing it’s investment governance framework to further attract foreign direct investments

The policy expert  argued that the current BIT regime has become misaligned with it’s development priorities, exposing the country to significant Fiscal and policy risks without delivering commensurate investment benefits.

Speaking at a National Policy Dialogue on BITs, yesterday in Abuja, the Country Director of ActionAid  Dr Andrew Mamedu 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”

The Country Director who was represented by the Head of Programs and Policy ActionAid  Mr Celestine Odo noted that many of the existing treaties were negotiated under old generation conditions that are no longer suited to current realities.

He  pointed out that across Africa, there is increasing concern about outdated agreements and the Investor-State Dispute Settlement system, which allows investors the protection rights over the national interests, and shrink decisions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

Odo said “In Nigeria, experiences in the extractive sectors have shown that these agreements can expose the country to significant fiscal and financial risks. As such question arises, the prioritisation of capital over national interest?”

He however  called on the government to take a more deliberate and informed approach to reforming its investment framework in a way that supports development, accountability, and capable of spurring sustainable development.

 Also speaking the Executive Director of Policy Alert Mr Tijah Bolton-Akpan revealed that since the signing of the first  BIT with the United Kingdom in 1990, the country has entered into over 40 BITs with about 31 currently in force.

He noted that most of the existing BITS in Nigeria reflect an older generation of investment treaties that place strong emphasis on invention rights with limited consideration for public priorities such as environmental protection, public health, climate action, labor rights and gender equality

The Policy expert noted that evidence has shown that despite Nigeria’s numerous investment treaties, the expected rise in sustainable and inclusive investment has not materialized at the anticipated level. Instead, the country has increasingly faced exposure to costly investor-state dispute settlement (ISDS) mechanisms that may impose significant financial and policy risks.

He said ” These agreements often prioritise investor protections without sufficiently balancing investor obligations with the developmental objectives of host countries.”

Akpan mentioned that with the intensifying campaign for for fair and responsible investment, there is an urgent need to review and reform existing investment agreements to better align them with sustainable development, human rights protections, and climate commitments and domestic policy priorities.