Investment Treaty Arbitration

Last verified on Friday 23rd October 2020

Investment Treaty Arbitration: Nigeria

Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

Templars

Overview of investment treaty programme

1. What are the key features of the investment treaties to which this country is a party?

Nigeria

(a) BITs/MITs

BIT contracting party or MIT Substantive protections Procedural rights
Fair and equitable treatment (FET) Expropriation Protection and security Most-favoured-nation (MFN) Umbrella clause Cooling-off period Local courts Arbitration

Algeria (not in force)

Yes

Yes

Yes

Yes

No

6 months

Yes

Yes

Austria (not in force)

Yes

Yes

Yes

Yes

Yes

60 days

Yes

Yes

Canada (not in force)

Yes

Yes

Yes

Yes

No1

60 days2

No

Yes

China (18 February 2010)

Yes

Yes

Yes

Yes

No

6 months

Yes

Yes

Egypt (not in force)

Yes

Yes

Yes

Yes

No

6 months

Yes

Yes

Finland (20 March 2007)

Yes

Yes

Yes

Yes

No

3 months

Yes

Yes

Germany (20 September 2007)

Yes

Yes

Yes

Yes

Yes

6 months

No

Yes

Italy (22 August 2005)

Yes

Yes

No

Yes

No

6 months

Yes

Yes

Korea 01 February 1999)

Yes

Yes

Yes

Yes

Yes

6 months

No

Yes

Kuwait (not in force)

Yes

Yes

Yes

Yes

Yes

6 months

No, except for provisional reliefs excluding damages

Yes

Morocco (not in force)

Yes

Yes

Yes

Yes

No

6 months

Yes

Yes

Netherlands (1 February 1994)

Yes

Yes

Yes

Yes

Yes

No

No

Yes

Romania (3 June 2005)

Yes

Yes

Yes

Yes

Yes

6 months

Yes

Yes

Russia (not in force)

Yes

Yes

Yes

Yes

No

6 months

Yes

Yes

Serbia (7 February 2003)

Yes

Yes

Yes

Yes

No

6 months

Yes

Yes

Singapore (not in force)

Yes

Yes

Yes

Yes

No

6 months

No

Yes

South Africa (27 July 2005)

Yes

Yes

Yes

Yes

Yes

6 months

No

Yes

Spain (19 January 2006)

Yes

Yes

Yes

Yes

Yes

6 months

Yes

Yes

Sweden (1 December 2006)

Yes

Yes

Yes

Yes

Yes

6 months

Yes

Yes

Switzerland (1 April 2003)

Yes

Yes

Yes

Yes

Yes

6 months

Yes

Yes

Turkey (signed on 2 February 2011, not in force)

Yes

Yes

Yes

Yes

No

6 months

Yes

Yes

Uganda (not in force)

Yes

Yes

Yes

Yes

Yes

6 months

Yes

Yes

United Arab Emirates (not in force)

Yes

Yes

Yes

Yes

No

3 months

Yes

Yes

United Kingdom of Great Britain and Northern Island (signed, 11 December 1990)

Yes

Yes

Yes

Yes

Yes

3 months

Yes

Yes

FTAs Substantive protections Procedural rights
Fair and equitable treatment (FET) Expropriation Protection and security Most-favoured-nation (MFN) Umbrella clause Cooling-off period Local courts Arbitration

ECOWAS Supplementary Act on Investments (19 January 2009)

Yes

Yes

Yes

Yes

No

6 months

Yes

Yes

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

Qualifying criteria - any unique or distinguishing features?

2. What are the distinguishing features of the definition of “investor” in this country’s investment treaties?

Nigeria

Issue Distinguishing features in relation to the definition of ‘investor’
Nationality

Most Nigeria’s BITs in force define an ‘investor’, in the case of natural persons, by reference to nationality/citizenship alone (eg, BITs with Finland, Spain, Sweden, China, Italy, South Africa, Germany, Korea, Netherlands Romania and United Kingdom) without reference to permanent residency.

Incorporation and place of business

Some of Nigeria’s BITs in force require that investors which are legal persons be both incorporated and have their ‘seat’ or registered office in the territory of the other contracting state (eg, BITs with Germany, Romania,) while incorporation alone suffices for others (eg, BITs with Korea, Netherlands and United Kingdom).

Control

A few Nigerian BITs in force recognise legal persons who are not incorporated in the territory of a contracting party but are controlled by nationals of the contracting party as investors of that contracting party (eg, BITs with Netherlands and Sweden).

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

3. What are the distinguishing features of the definition of "investment" in this country’s investment treaties?

Nigeria

Issue Distinguishing features in relation to the concept of ‘investment’
Eligible assets

Most Nigeria BITs adopt the broad ‘any kind of asset’ formulation in their definitions of ‘investments’. However, a few of them, especially the more recent ones, include carveouts from that broad definition. Under the Canada-Nigeria BIT, loan or debt security issued by a financial institution is investment only if ‘treated as regulatory capital by the Party in whose territory the financial institution is located’. The Morocco–Nigeria BIT excludes portfolio investments from the definition. The Nigeria–Singapore states explicitly that ‘[w]here an asset lacks the characteristics of an investment, that asset is not an investment regardless of the form it may take. The characteristics of an investment include the commitment of capital, the expectation of gain or profit, or the assumption of risk.’

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

Substantive protections - any unique or distinguishing features?

4. What are the distinguishing features of the fair and equitable treatment standard in this country’s investment treaties?

Nigeria

Issue Distinguishing features of the fair and equitable treatment standard
Customary international law standard

Most Nigeria BITs simply obligate Contracting Parties to ‘accord to investments by investors of the other Contracting Party fair and equitable treatment’. A few, however, go on to define the standard for assessing whether an investor has been treated fairly and equitably. The Nigeria–Singapore BIT confirms that the FET protection ‘does not require treatment in addition to or beyond the customary international law minimum standard of treatment of aliens’. The Morocco–Nigeria, Canada–Nigeria BITs echo the same standard.

Measures to stimulate local industries

Some of Nigeria’s BITs effectively permit some derogations by creating an exception for a Contracting Party’s special incentives to its nationals ‘in order to stimulate the creation of local industries’. The Nigeria–UAE and Algeria–Nigeria BITs include this exception specifically for the fair and equitable treatment and protection and security obligations.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

5. What are the distinguishing features of the protection against expropriation standard in this country’s investment treaties?

Nigeria

Issue Distinguishing features of the ‘expropriation’ standard
Right to regulate for a public purpose

Most of Nigeria’s BITs contain standard protections against expropriation. A few, however, make some exceptions for public purpose measures. The Austria-Nigeria excludes measures designed to protect public welfare objectives unless they are so severe as to not be reasonably viewed as having been adopted in good faith. The Morocco–Nigeria BIT and Nigeria–Canada BITs provide that their provision on expropriation do not apply to ‘the issuance of a compulsory licence granted in relation to intellectual property rights or to the revocation, limitation or creation of an intellectual property right, to the extent that the issuance, revocation, limitation or creation is consistent with the WTO Agreement’.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

6. What are the distinguishing features of the national treatment/most-favoured-nation treatment standard in this country’s investment treaties?

Nigeria

Issue Distinguishing features of the ‘national treatment’ and/or ‘most favoured nation’ standard
Requirement of ‘like circumstances’

Some of Nigeria’s recent BITs require a ‘like circumstances’ analysis in determining whether a contracting party’s measure violates the most favoured nation protection. Hence, a contracting party could potentially avoid liability for its discriminatory measure(s) against an investor if it can show that, overall, the circumstances of that investor and others in whom the measure favours materially differ. BITs with the ‘like circumstances’ qualification include the Canada–Nigeria, Morocco–Nigeria and Nigeria–Singapore BITs.

Incentives to stimulate local industries

A handful of Nigeria’s BITs generally exempt contracting parties’ measures that are taken to stimulate local industries from being construed as derogations from the most favoured nation protection. Examples include the Germany–Nigeria, Nigeria–Switzerland and Egypt–Nigeria BITs.

Exclusion of procedural rights

A couple of Nigeria’s BITs such as the Nigeria–Singapore and Nigeria–UAE BITs expressly confirm that the most favoured nation protection is unavailing with respect to the dispute settlement procedure to be adopted in the event of an investor-state dispute against a contracting party. In contrast, the Austria-Nigeria BIT expressly extends application of the most favoured nation protection to dispute settlement.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

7. What are the distinguishing features of the obligation to provide protection and security to qualifying investments in this country’s investment treaties?

Nigeria

Issue Distinguishing features of the ‘protection and security’ standard
Extent of obligation

The obligation on the host state to accord full protection and security is included in most of Nigeria’s BITs.

The formulation of this standard, however, varies in Nigeria’s BITs. Some provide for ‘full protection and security’ (Nigeria–Canada BIT and Nigeria–Morocco BIT); ‘full protection’ (Nigeria–Germany BIT); ‘total protection’ (Nigeria–Algeria BIT); ‘full and constant protection and security’ (Nigeria–Austria BIT and Nigeria–Finland BIT); and ‘continuous protection’ (Nigeria–China BIT).

Some BITs also link this obligation with customary international law, for example, Nigeria–Singapore BIT and Nigeria–Canada BIT.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

8. What are the distinguishing features of the umbrella clauses contained within this country’s investment treaties?

Nigeria

Issue Distinguishing features of any ‘umbrella clause’
Scope of the umbrella clause

Some of Nigeria’s BITs (for example, Nigeria–Germany BIT, Nigeria–Korea BIT, Nigeria–Netherlands BIT, Nigeria-Uganda BIT, and Nigeria-Sweden BIT) contain an umbrella clause that requires the contracting parties to ‘observe’ or ‘honour’ or ‘comply with’ ‘any obligation’ or ‘any other obligation’ that they may have entered into with regard to investments of foreign investors.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

9. What are the other most important substantive rights provided to qualifying investors in this country?

Nigeria

Issue Other substantive protections
Armed conflict/civil unrest

Most of Nigeria’s BITs include a provision for the compensation of losses arising out of armed conflict and civil unrest. For example, Nigeria–Algeria BIT, Nigeria–Algeria BIT, Nigeria–Canada BIT, Nigeria–Germany BIT, Nigeria–Singapore BIT and Nigeria–UAE BIT.

These BITs also provide for a most favoured nation treatment with respect to the compensation, restitution, indemnification or other settlement in respect of loss or damage suffered owing to armed conflict or civil unrest. In addition, the majority of its BITs require national treatment in such circumstances.

Non-impairment

Most of the UK's BITs and the ECT include an obligation not to impair by unreasonable or discriminatory measures the management, maintenance, use, enjoyment or disposal of investments of nationals or companies of the other contracting party in its territory. For example, Nigeria–UAE BIT, Nigeria–Sweden BIT, Nigeria–Spain BIT, Nigeria–South Africa BIT and Nigeria–Romania BIT.

Free transfer of payments

Most of Nigeria’s BITs contain a provision requiring the host state to permit investors freely to transfer investments and investment returns and such protection is usually subject to the monetary policy of the contracting parties. For example, Nigeria–UAE BIT, Nigeria–Switzerland BIT, Nigeria–Singapore BIT and Nigeria–Morocco BIT.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

Procedural rights in this country’s investment treaties

10. Are there any relevant issues related to procedural rights in this country’s investment treaties?

Nigeria

Issue Procedural Rights
Cooling off period

Most Nigerian BITs contain a six-month cooling-off period (for example, Nigeria–Serbia BIT, Nigeria-Sweden BIT, and Nigeria–Russia BIT) or a three-month cooling-off period (for example, Nigeria–Finland BIT. However, Nigeria–Austria BIT and Nigeria–Canada BIT provide for a 60-day period and the Nigeria-Netherlands BIT is silent on this provision.

Exhaustion of local remedies

Some of Nigeria’s BITs (for example the Nigeria–Korea BIT and the Nigeria–UAE BIT) give recourse to arbitration only when local remedies have been exhausted.

Applicable/governing law

Most Nigerian BITs are silent as to what law would govern the parties’ dispute. Unless otherwise indicated, tribunals typically apply the terms of the treaty, the domestic laws of the host state, and principles of international law. Some BITs, however, contain express provisions in this regard. For example, the Nigeria-Canada BIT provides that the tribunal shall decide the dispute in accordance with the treaty and the applicable rules of international law. The Nigeria–Morocco BIT provides that the application of the national law of the host State and the applicable rules of international law. And the Nigeria–China BIT provides that the tribunal shall decide the dispute ‘in accordance with the law of the Contracting Party to the dispute accepting the investment including its rules on the conflict of laws, the provisions of this Agreement as well as the generally recognized principles of international law accepting by both Contracting Parties’.

Choice of Forum

Most of Nigeria’s BITs provide for the resolution of investment disputes by the local courts of the host state, ICSID or UNCITRAL ad hoc arbitration, at the election of the investor. However, there are a few exceptions. The Nigeria–UK BIT, Nigeria–Netherlands BIT, Nigeria–Korea BIT, and Nigeria–Germany BIT provide for just the ICSID. The Nigeria–China BIT provides for just ‘an ad hoc arbitral tribunal’. The Nigeria–Kuwait BIT and the Nigeria-Morocco BIT includes (in addition to local courts, ICSID, UNCITRAL, ‘any other arbitral institutions or any arbitration rules, if the disputing parties agree’. The Nigeria–Egypt BIT includes the Regional Centre for International Commercial Arbitration in Cairo and Lagos, the Nigeria–Austria BIT includes ‘the International Chamber of Commerce, by a sole arbitrator or an ad hoc tribunal under its rules of arbitration’; and the Nigeria–South–Africa BIT includes ‘an international arbitrator or ad hoc arbitral tribunal to be established by agreement between the parties to the dispute’.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

11. What is the status of this country’s investment treaties?

Nigeria

Nigeria is still open to negotiating new investment treaties.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

Practicalities of commencing an investment treaty claim against this country

12. To which governmental entity should notice of a dispute against this country under an investment treaty be sent? Is there a particular person or office to whom a dispute notice against this country should be addressed?

Nigeria

Government entity to which claim notices are sent

Claim notices should be sent to the Ministry of Justice, specifically addressed to the Attorney-General of the Federation.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

13. Which government department or departments manage investment treaty arbitrations on behalf of this country?

Nigeria

Government department that manages investment treaty arbitrations

The Ministry of Justice, which is headed by the Attorney of the Federation who doubles as the Minister of Justice.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

14. Are internal or external counsel used, or expected to be used, by the state in investment treaty arbitrations? If external counsel are used, does the state normally go through a formal public procurement process when hiring them?

Nigeria

Internal/External counsel

Nigeria is usually represented by external counsel who are appointed by the Attorney-General of the Federation and Minister of Justice. So far, despite the provisions of the Public Procurement Act 2007, it does not appear that the selection of counsel follows any formal public procurement process.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

Practicalities of enforcing an investment treaty claim against this country

15. Has the country signed and ratified the Washington Convention on the Settlement of Investment Disputes between States and Nationals of Other States (1965)? Please identify any legislation implementing the Washington Convention.

Nigeria

Washington Convention implementing legislation

Nigeria ratified the Washington Convention on the Settlement of Investment Disputes between States and Nationals of Other States (1965) (the Washington Convention) on 13 July 1965 and it came into force in Nigeria on 14 October 1966. The International Centre for Settlement of Investment Disputes (Enforcement of Awards) Act, Cap I20, Laws of the Federation of Nigeria, 2004 (ICSID Act) implements the Washington Convention in Nigeria by providing for the recognition and enforcement of Washington Convention awards in Nigeria. Pursuant to the ICSID Act, applications for recognition of Washington Convention awards are filed at the Supreme Court of Nigeria, which is the apex court of the country.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

16. Has the country signed and ratified the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958) (the New York Convention)? Please identify any legislation implementing the New York Convention.

Nigeria

New York Convention implementing legislation

Nigeria ratified the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958) (the New York Convention) on 17 March 1970. The Arbitration and Conciliation Act 1988 (contained in Cap A18, Laws of the Federation of Nigeria 2004) implements the New York Convention in Nigeria by making it applicable to any award made in Nigeria or in any contracting state arising out of international commercial arbitration.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

17. Does the country have legislation governing non-ICSID investment arbitrations seated within its territory?

Nigeria

Legislation governing non-ICSID arbitrations

Non-ICSID investment arbitration seated in Nigeria are governed by the Arbitration and Conciliation Act 1988 (currently contained in Cap A18, Laws of the Federation of Nigeria, 2004).

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

18. Does the state have a history of voluntary compliance with adverse investment treaty awards; or have additional proceedings been necessary to enforce these against the state?

Nigeria

Compliance with adverse awards

There has not been, to our knowledge, any adverse investment treaty award against Nigeria. Usually, investment treaty disputes against Nigeria are settled before they get to the award stage. The exception to this trend is the Interocean Oil Development Company and Interocean Oil Exploration Company v Federal Republic of Nigeria case (ICSID Case No. ARB/13/20) in respect of which an award on the merits was handed down on 6 October 2020 in favour of Nigeria.

However, to enforce an adverse investment treaty award against Nigeria, the ICSID (Enforcement of Awards) Act requires a copy of the award, duly certified by the Secretary-General of ICSID, to be filed in the Supreme Court of Nigeria by the party seeking its recognition for enforcement in Nigeria.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

19. Describe the national government’s attitude towards investment treaty arbitration

Nigeria

Attitude of government towards investment treaty arbitration

The Nigerian government is not averse to investment treaty arbitration and generally allows for recourse to that form of arbitration. This is evident from (1) Nigeria’s domestic legislation, which encourages investment treaty arbitration, such as the Nigerian Investment Promotion Commission Act, Cap. N117, Laws of the Federation of Nigeria 2004 and the ICSID (Enforcement of Awards) Act; (2) Nigeria’s continued membership of ICSID and proactive participation in the Washington Convention arbitrations that it has been involved in; and (3) its fairly large corpus of investment treaties.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

20. To what extent have local courts been supportive and respectful of investment treaty arbitration, including the enforcement of awards?

Nigeria

Attitude of local courts towards investment treaty arbitration

As far as we know, Nigerian courts have not been called upon to issue orders in aid of investment treaty arbitration, or to enforce awards emanating from investment treaty arbitration.

However, the attitude of local courts towards enforcement of commercial awards against the state or state-owned entities is arguably protectionist, as we have not seen any successful enforcement of an arbitral award of a significant amount against the state or a state-owned entity.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

National legislation protecting inward investments

21. Is there any national legislation that protects inward foreign investment enacted in this country? Describe the content.

Nigeria

National legislation Substantive protections Procedural rights
FET Expropriation Other Local courts Arbitration

The Nigerian Investment Promotion Commission Act (NIPC Act) is the principal legislation that provides various protections for foreign investments in Nigeria.

Others include the 1999 Constitution of the Federal Republic of Nigeria (as amended) and the Companies and Allied Matters Act 2020.

Even though the NIPC Act does not contain traditional FET provisions, under the Constitution of the Federal Republic of Nigeria, 1999 (as amended), every person (which, by necessary implication, includes foreign investors that have invested in accordance with Nigerian law and regulations) is entitled to fair treatment under the law.

Section 25 of the NIPC Act guarantees that there will be no nationalisation or expropriation of foreign investments by the Nigerian government; and no person who owns the capital of any enterprise, whether wholly or in part, may be compelled to surrender such capital to any other person.

In exceptional cases the Nigerian government may as a matter of national interest or for public purpose acquire an enterprise. However, this can only be done with prompt payment of fair and adequate compensation to the owners of the enterprise, and the investors have a right to access the courts for determination of their interest or right and the amount of compensation payable.

Section 24 of the NIPC Act guarantees unconditional transferability of funds through any licensed bank or licensed specialised bank in freely convertible currency, of dividends or profits (net taxes) attributable to the investment, payments towards loan servicing where a foreign loan has been obtained; remittance of proceeds (net of all taxes), and other obligations in the event of a sale or liquidation of the enterprise or any interest attributable to the investment.

Foreign investors generally have a right to approach Nigerian courts of competent jurisdiction in the event of a dispute with a private person, subject to any arbitration agreement between them.

Section 25 of the NIPC Act specifically provides for the right of an investor to access the courts for determination of the investor’s interest or right and the amount of compensation payable in cases of compulsory acquisition of an enterprise by the federal government on grounds of national interest or for public purpose.

Section 26 of the NIPC Act governs disputes between foreign investors and the federal government. Where such a dispute arises, parties are encouraged to make all efforts to reach amicable settlement through mutual discussion. However, if this fails, then the dispute may be submitted, at the option of the aggrieved party, to arbitration within the framework of any bilateral or multilateral agreement on investment protection to which the federal government and the country of which the investor is a national are parties; or in accordance with any national or international machinery for the settlement of investment disputes agreed by the parties.

Where the foreign investor and the Nigerian government cannot agree on the method of dispute settlement to be adopted, the ICSID Rules shall apply.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

National legislation protecting outgoing foreign investment

22. Does the country have an investment guarantee scheme or offer political risk insurance that protects local investors when investing abroad? If so, what are the qualifying criteria, substantive protections provided and the means by which an investor can invoke the protections?

Nigeria

Nigeria does not have an investment guarantee scheme or offer political risk insurance to protect local investors when investing abroad.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

Awards

23. Please provide a list of any available arbitration awards or cases initiated involving this country’s investment treaties.

Nigeria

Awards

Interocean Oil Development Company and Interocean Oil Exploration Company v Federal Republic of Nigeria (ICSID Case No. ARB/13/20), Award: 6 October 2020. It bears mentioning that this arbitration, though administered by ICSID, did not involve any investment treaty. Rather, it was commenced on the basis of investment protections provided for under the Nigerian Investment Promotion Commission Act (NIPC Act).

Pending proceedings

One pending proceeding against Nigeria is Eni International BV, Eni Oil Holdings BV and Nigerian Agip Exploration Limited v Federal Republic of Nigeria (ICSID Case No. ARB/20/41).

Nigeria has also been involved in at least two other cases at ICSID in respect of its investment treaties. They include:

  • Guadalupe Gas Products Corporation v Nigeria (ICSID Case No. ARB/78/1), case discontinued on 22 July 1980; and
  • Shell Nigeria Ultra Deep Limited v Federal Republic of Nigeria (ICSID Case No. ARB/07/18), case discontinued on 1 August 2011.

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

Reading List

24. Please provide a list of any articles or books that discuss this country’s investment treaties.

Nigeria

Books

  • Khrushchev, E., 2007. Protection of Foreign Investment in Context: Nigeria’s Investment Laws, Treaties, and Petroleum Agreements. Baden-Baden: Nomos Verlagsgesellschaft.

Articles and blog posts

  • Gazzini, T., 2017. The 2016 Morocco-Nigeria BIT: An Important Contribution to the Reform of Investment Treaties. International Institute for Sustainable Development - Investment Treaty News, Issue 3, Volume 8. Accessed 28 September 2020: http://www.cckn.net/sites/default/files/publications/iisd-itn-september-2017-english.pdf
  • Nweke-Eze, S.U., 2017, BIT between Morocco and Nigeria – A bold step in the right direction? Accessed 28 September 2020: http://arbitrationblog.kluwerarbitration.com/2017/06/22/bit-morocco-nigeria-bold-step-right-direction/?print=pdf
  • Ufot, D., 2013. Arbitrating foreign investment disputes in Nigeria: prospects and challenges. International Law Office. Accessed 28 September 2020: https://www.internationallawoffice.com/Newsletters/Arbitration-ADR/Nigeria/Dorothy-Ufot-Co/Arbitrating-foreign-investment-disputes-in-Nigeria-prospects-and-challenges
  • Dr Akinyeye O., 2019. Bilateral Investment Treaties in Nigeria: A Case for Critical Review. Accessed 01 October 2020: https://oal.law/bilateral-investment-treaties-2/

Notes

1 There is no general umbrella clause but there is a specific umbrella provision (in article 14(5)) which applies only to agreements on tax between an investor and a host government regarding a specific investment.

2 In addition to requiring consultation to be had within 60 days of an investor submitting a notice of intention to arbitrate to the state, other provisions condition an investors submission of a claim to arbitration on, inter alia, expiration of least six months since the events giving rise to the claim (article 22(2)(b)) and at least 90 days after submission of notice of intention to arbitrate (article 22(2)(c)).

Answer contributed by Adewale Atake, Victor Chinedu Igwe, Stanley U Nweke-Eze and Victor C Igwe

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