"Nigeria Begins Reforms Of International Investment Agreements", 9 August 2020.

The Federal Government of Nigeria is undertaking series of reforms of the country’s Bilateral International Treaties (BIT) to attract responsible, inclusive, balanced and sustainable investments. Government said the move would involve the development of a new model BIT, modernising existing stock of old generation treaties and enabling the government put in place a coherent legal framework at all levels.

Director, Legal Department, Nigeria Investment Promotion Commission (NIPC), Patience Okala...said it would be done in a manner that complies with global standards on labour, human rights, environment, corporate social responsibilities...the review would also focus on inclusive approach that would mobilise investments and create jobs while balancing investors’ rights with obligations,emphasizing that the move would also promote sustainable development objectives that aligns with agenda 2030 of the United Nations...the bilateral agreement treaties that would be reviewed would cover those signed between 1990 and 2001 fiscal periods...the review of some of these agreements would help the government avoid litigation such as the one involving P&ID, where the company had dragged Nigeria to court for alleged breach of contract...She also said it would provide safeguards to Investor-State Dispute Settlement provisions...