The Federal Government of Nigeria and the Government of Japan are set to commence the first round of full-fledged negotiations of a Bilateral Investment Treaty (BIT) in Tokyo, Japan from December 18-20, 2017. The BIT is expected to foster economic growth and enhance investment activities between both countries. The Treaty is further intended to strengthen the bonds of friendship and cooperation between both countries.
The negotiations are coming against the backdrop of previous preliminary consultations held between the Nigerian and Japanese International Investment Agreements (IIA) negotiating teams in December 2016 and in August 2017.
It is expected that the negotiations would take cognisance of the new policy direction of the Federal Government of Nigeria to promote sustainable, responsible, reform oriented and balanced BITs. This policy direction is largely enshrined in the new model BIT that Nigeria adopted in 2016, which has formed the basis for the BITs signed since then.