NIPC Inaugurates Committee To Review IPPA | Independent Newspapers Limited
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NIPC Inaugurates Committee To Review IPPA

Posted: Jun 26, 2015 at 12:11 am   /   by   /   comments (0)

In her determined effort to make Nigeria compete favourably with other nations in the world, the Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Mrs. Uju Hassan Baba, has inaugurated an Inter-Ministerial Committee to review Nigeria’s Model draft Investment Promotion and Protection Agreement (IPPA) and the NIPC Act No 16 of 1995.

The review, which is an initiative of the NIPC, is intended to update the legal framework of the Commission and enable both documents effectively address the sustainable development dimensions of the country’s quest for foreign direct investment.

The Inter-Ministerial Committee comprises Officers of the International and Comparative Law Department as well as the Legal Drafting Department of the Federal Ministry of Justice, an Officer from the Investment Department of the Federal Ministry of Industry, Trade and Investment and officials from the Commission.

While inaugurating the Committee, Mrs. Hassan Baba stated that one of the key strategies being adopted to face the challenges in investment promotion is the sharpening of specific promotional tool such as the Investment Promotion and Protection Agreements which deals primarily with the admission, treatment and protection of foreign investment.

“They usually cover investments by enterprises or individuals of one country in the territory of its treaty partner and ultimately boost the confidence of potential investors,” the NIPC boss stated.

She stressed the need for review of the country’s IPPA and Investment law through the development of a model standard draft in line with current global investment and economic trends that will enable direct and aggressive strategies for investment projects.