The groups said they are concerned about the ICSID’s long-standing failure to promulgate clear rules for addressing cases where corruption has been alleged.
The Nigerian government ratified the country’s membership of the African Continental Free Trade Area Agreement.
The Human and Environmental Development Agenda, Re:Common, Global Witness, and Corner House, have called on the Nigerian government to stand against Eni’s legal move over the oil processing license (OPL) 245.
Eni plans to argue that the country’s failure to allow it to exploit an oilfield it acquired with Royal Dutch Shell nearly a decade ago breaches their investment agreement.
Nigeria has negotiated and almost concluded the rules of origin to pave way for Nigeria’s ratification of the African Continental Free Trade Agreement (AfCFTA).
Nigeria’s High Commissioner to Canada has called for the review of the investment agreement between Nigeria and Canada.
Nigeria is currently in the process of ensuring the ratification of the African Continental Free Trade Area (AfCFTA) agreement, the minister of trade, Niyi Adebayo, said.
Nigeria is undertaking series of reforms of the country’s bilateral investment treaties to attract responsible, inclusive, balanced and sustainable investments.
For Nigeria to compete and survive in the African Continental Free Trade Area, it must as a matter of national emergency ramp up industrialisation and manufacturing activities, the Speaker, House of Representatives, Femi Gbajabiamila, has said.
Some members of the organised private sector and experts in international trade in Nigeria have called for the postponement of the take-off of the African Continental Free Trade Area agreement
Nigeria’s trade and industrial priorities should be embedded in the ongoing dialogue for AfCFTA implementation strategies.
The model used for negotiation of Nigeria’s investment agreements was reviewed between 2014 and 2016 to balance investor’s rights with obligations.
Despite being a major market in West Africa, Nigerian manufacturers have kicked against the exclusion of Nigeria’s priority products from the sensitive and exclusive lists of the African Continental Free Trade Area agreement.
Minister of Industry, Trade and Investment, Adeniyi Adebayo, has warned that Nigeria will not tolerate smuggling and importation of substandard products.
The Bangladesh Tariff Commission recommended signing a preferential trade agreement with Nigeria.
Nigerian President Muhammadu Buhari has approved the establishment of a committee to implement the country’s participation in the African Free Trade Agreement.
Some manufacturers in Nigeria say that wading into the continental market could undermine local players and have negative implications.
Nigeria will sign an Africa free trade agreement at the coming African union summit, according to a statement posted on the Nigeria presidency’s Twitter feed.
“Africa needs not only a trade policy, but also a continental manufacturing agenda,” Buhari said. “Our vision for intra-African trade is for the free movement of made-in-Africa goods."
Nigeria’s failure to sign the Africa Continental Free Trade Area (AfCFTA) agreement may hold the continent back on its economic prosperity drive, the African Development Bank (AfDB) has said.