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

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Abstract

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Introduction

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 its 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. 

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