Article Summary
- Netherlands and the Nigerian government signed an investment promotion and protection agreement
- The objective is to facilitate economic relations between the two countries
- The bilateral agreement, initially signed in 1992, was being critically reviewed and modernized to reflect the current global context and promote international socio-economic development.
The Federal Government has restated its commitment to aligning the investment treaty with the Kingdom of Netherlands to benefit both countries.
Dr Evelyn Ngige, the Permanent Secretary of the Ministry of Industry, Trade, and Investment, made this declaration during a round-table negotiation on the investment promotion and protection agreement between Nigeria and the Kingdom of Netherlands in Abuja.
What they said
Ngige emphasized that this step would not only enhance economic activities but also bolster investor confidence in sustainable economic development.
She expressed optimism that the collaboration between the two countries would have a positive impact on their respective economies. Ngige highlighted the purpose of the meeting, which was to discuss the draft models, taking into account the policy directions of both countries. She stressed the importance of monitoring the implementation and execution of the agreement in addition to its signing.
Similarly, Robert Dool, the Chief Negotiator on the Investment Promotion of the Kingdom of Netherlands, explained that the objective of the meeting was to facilitate economic relations between the two countries.
He expressed his country’s appreciation for its relationship with the Nigerian Government, which he regarded as a pillar of socio-economic development, economic cooperation, and integration.
Dool mentioned that the bilateral agreement, initially signed in 1992, was being critically reviewed and modernized to reflect the current global context and promote international socio-economic development.
He said:
- “This explains why the Netherlands has taken the initiative to look at their investment promotion in Nigeria to see how they can make this agreement more reflective in the world we live in today.
- “This has induced a critical review of the bilateral agreement and in a modernized way, acts in promotion and protection of international and social economic development”.
Ambassador Adamu Lamuwa, the Permanent Secretary of the Ministry of Foreign Affairs, was represented by Bolaji Akinremi, the Director of the Economic, Trade, and Investment Department in the Ministry.
He highlighted the significance of establishing a Joint Commission due to the remarkable economic cooperation between the two countries.
He emphasized the substantial volume of trade between Nigeria and the Netherlands, with numerous Dutch companies having their operational presence in Nigeria. These companies include Royal Dutch Shell Petroleum, Friesland Campina, Heineken, Pladis, DAF Trucks, P Phillips, TNT, KLM, Royal Haskoning, Primstar, VliscO, Unilever, Fugro, VanVliet, APM Terminal, and Bosman van Zaal.
Patience Okala, the Lead Negotiator on the Nigerian side from the Nigerian Investment Promotion Council, emphasized the need to preserve Nigeria’s investment policies and prioritize dispute prevention for investors.
She urged both countries to expand the investment dimension of their treaties and conduct a comprehensive review of trade between Nigeria and the Netherlands to ensure a sustainable policy.
