ISDS in Nigeria Investment Regime Reforms and the threats of joining the ECT
10 minutes minutes read
This report sheds light on Nigeria’s investment protection regime and its consequences for one of Africa’s biggest countries.
The Nigerian government has recently initiated a process to reform its international investment agreements. Nigeria has joined the growing number of countries that are critical of the current international arbitration system, even though the country has seen relatively few investment treaty lawsuits from investors at international arbitration tribunals. In 2016, Nigeria developed a new model for its future bilateral investment treaties, which includes some innovative features but maintains the much criticised Investor State Dispute Settlement (ISDS) process.
This report sheds light on Nigeria’s investment protection regime and its consequences for one of Africa’s biggest countries. It points out the risks of continuing the path of strengthening investors’ rights to sue the State by joining the Energy Charter Treaty, instead of protecting people’s rights to a healthy environment and argues for abandoning all treaties that include ISDS. The report is based on data from the United Nations Committee on Trade and Development (UNCTAD), World Bank’s International Centre for Settlement of Investment Disputes (ICSID) and media sources.