Von, 30 August 2025
By Ayoola Efunkoya Abuja

Nigeria, Singapore enforce new bilateral investment treaty

Nigeria and Singapore have strengthened their economic ties with the enforcement of a new Bilateral Investment Treaty, BIT.

This development, which provides a legal framework to protect and encourage investments between the two nations, was a key highlight of Nigeria’s participation in the recent Singapore–Africa Ministerial Exchange Visit (SAMEV) and the Africa–Singapore Business Forum (ASBF).

Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, attended the 5th SAMEV held from August 26 to 28, 2025, in Singapore.

Hosted by Singapore’s Minister for Foreign Affairs, Dr. Vivian Balakrishnan, the biennial event gathered Ministers and officials from 14 African countries to strengthen ties and exchange development experiences. The theme for this year’s forum was “Progressing Together towards a Sustainable Future.”

According to a statement from the Minister’s Media Aide, Alkasim Abdulkadir, Ambassador Tuggar’s participation in the events in Singapore reaffirmed Nigeria’s commitment to diversifying its diplomatic and economic horizons and leveraging global partnerships for sustainable growth.

“The meetings offered Nigeria the opportunity to ‘consolidate its leadership role within Africa’s engagement with the wider world”, he said.

Advancing Business And Diplomacy

Alongside the ministerial meetings, Nigerian representatives participated in the 8th Africa–Singapore Business Forum (ASBF), a major event organised by Enterprise Singapore. The forum brought together over 700 business and government leaders from more than 40 countries to explore opportunities and forge partnerships.

Nigeria played a prominent role at the forum. Gbenga Oyebode, Chairman of ALN, and Samaila Zubairu, President and CEO of the Africa Finance Corporation, spoke as key figures, emphasising Africa’s growing economic role and Nigeria’s position as a hub for investment.

A New Era of Investment Protection

The most significant outcome for Nigeria was the Investment Promotion and Protection Agreement (IPPA), which officially took effect on August 22, 2025.

This treaty is expected to boost investor confidence and expand opportunities in critical sectors like infrastructure, technology, and sustainable development.

By safeguarding investments, the agreement enhances Nigeria’s appeal as a prime destination for foreign direct investment.

This move aligns with the foreign policy goals of President Bola Ahmed Tinubu’s administration to attract foreign investment and build robust global economic partnerships.