Legal Framework for the Promotion and Protection of Foreign Investment : Current School News

The Legal Framework for the Promotion and Protection of Foreign Investment in Nigeria

Filed in Current Projects, Law Project Topics by on September 10, 2021

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– The Legal Framework for the Promotion and Protection of Foreign Investment in Nigeria –

ABSTRACT  

The legal regimes of protection of investments in Nigeria have over the years suffered not only from a lack of policy drive but also a sustainable and development-driven legal framework. Policy inconsistencies and consequent uncertainty on investment issues in the Nigerian economy have impacted somehow negatively on the psyche of both local and foreign investors who are genuinely desirous of investing in Nigeria.

There have always been controversies as to the need for foreign investments in Nigeria. This is as a result of the various schools of thought as regards the desirability of foreign investments. From all indications, the quest for greater economic development on the part of the developing host nation in any foreign investment is a primary motive for foreign investment.

The maximization of capital and profit on the part of the foreign partner is the main objective of such investors. The need for an elaborate legal framework for the promotion and protection of foreign investments in Nigeria becomes inevitable. This work has diagnosed relevant Nigerian legal frameworks for the promotion and protection of foreign investments in Nigeria.

This work has diagnosed relevant Nigerian legal frameworks as they relate to the promotion and protection of foreign investment in Nigeria. Issues like the historical evolution of foreign investment in Nigeria have been discussed. The determinant factors of and sectoral analysis of foreign investment have been discussed. Issues like investment dispute resolutions and arbitration have equally been discussed and fully analyzed with proffered recommendations. 

BACKGROUND OF THE STUDY  

The need for a well-defined and properly articulated legal framework for foreign investment development in Nigeria has prompted jurists and scholars both within municipal and international law to articulate emerging dynamism and theories on the promotion and protection of foreign investments in Nigeria. The promotion of foreign investment has been a global policy of many states, whether developed or developing.

In the case of Nigeria, foreign investment has been a pivotal government policy even before her attaining political independence in 1960. This situation has for long stimulated a great desire and needs for the reappraisal of the already existing legal framework on foreign investment against the background and the need for a larger foreign investment development in Nigeria.

Before the commencement of this research work, there has been in existence certain legal frameworks regulating foreign investments in Nigeria before now. However, how effective these frameworks have been in the promotion of foreign investment has continued to be a subject of varying economic and academic opinions in different circles. The above scenario is not peculiar to Nigeria alone.

Although various institutional and legal mechanisms have long been established for the regulation of foreign investment in Nigeria. The effectiveness or otherwise of some of these mechanisms in meeting the yearnings and aspirations of the state, as well as, foreign investors, on the other hand, has been a reoccurring decimal point that needs a lot of further academic research. 

REFERENCES

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Ajomo, M.A. (ed) Regulation of Trade and Investment in an Era of
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Alschuler, L.R. Multinationals and Maldevelopment, London: Macmillan
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August, A. International Business Law: Text, Cases and Readings,
New Jersey: Prentice-Hall Inc. 1993
Balaam, D.N. et al. Readings in International Political Economy, New Jersey
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Black, H.C. Black’s Law Dictionary 6th Ed. Paul Minn.: West
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Clark, K.E. and Carl, L. (eds) Growth and Development in the Nigerian Economy,
Michigan: Michigan State University Press, 1970.
Deepak, L. (ed) Appraising Foreign Investment in Developing Countries,
London: Heinemann Educational Book Ltd. 1975
Diamond, W. (ed) Tax Free Zones of the World, Hague: London St.
Publishers, 1987
Dunning, J.H. Studies in International Investment, London: George
Allen & Unwin Publishers, 1970
Encyclopedia Public International Law, Vol. 8, 1980.

CSN Team.

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