Posted by News Express | 17 June 2015 | 2,632 times
Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Mrs. Uju Aisha 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, Officers of the NIPC in addition to an Officer of the Investment Department of the Federal Ministry of Industry, Trade and Investment.
Speaking recently at the inauguration of the committee, Mrs. Hassan Baba stated that IPPAs deal 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 boosts the confidence of potential investors,” she said.
She therefore 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.
News Express recalls that Mrs. Hassan Baba served as Chairman of Nigeria’s Inter-Ministerial Committee on the negotiation of IPPAs. Prior to her appointment at the NIPC, she observed the need for NIPC to drive the review of the document as the nation’s foremost investment promotion Agency.
•Photo shows Uju Aisha Hassan Baba.
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