Regardless of the arrangements of Section 12 of the Nigerian Constitution, venture deals entered by the nation are restricting on, and enforceable against Nigeria upon endorsement under the rule of ‘pacta sunt Alternative Investments‘.
Additionally, by an exacting use of Article 31 of the Vienna Convention on the Law of Treaties which gives that an arrangement will be deciphered in compliance with common decency in concurrence with the normal significance to be given to the particulars of the settlement.
Two-sided Investment Treaties (BITs): Nigeria went into its first Bilateral Investment Treaty (BIT) with Germany in 1979 which came into power in 1986.
As indicated by finding from my examination Nigeria has gone into 28 Bilateral Investment Treaties (BITs) among 1986 and November, 2015.
Of the absolute number, 13 are presently in power, 14 are marked and 1 revoked. The Bilateral Investment Treaties (BITs) presently in power are the ones gone into with Finland, France, Germany, Italy, Netherlands, Romania, Serbia, Spain, South Korea, Sweden, Switzerland, Taiwan, and United Kingdom.
The 14 BITs which have been endorsed by Nigeria however are yet to go into activity were endorsed similarly as back as 1996.
Notwithstanding the typical venture security guidelines, these BITs give that a contracting state will not harm by unreasonable or outlandish methods the upkeep, the executives, removal of interest in its region of nationals or organizations of the other Contracting Party.
Also, similar reward for misfortunes endured because of a security occasion made to a homegrown financial backer will be permitted to the financial backer from the other contracting state.
These BITs likewise accommodate the right of subrogation permitting unfamiliar financial backers to acquire appropriate speculation protection and for these venture protection suppliers to look for cure for their benefit from Nigeria.
The BITs that are as of now in power have additionally made acceptable prerequisites for the standard venture insurance. These incorporate reasonable and fair treatment, umbrella statements, most preferred country status, public treatment, commitments against self-assertive and biased measures and security.
Multi-horizontal Investment Treaties (MITs): Economic Community of West African States (ECOWAS) arrangement is one of the renowned MITs Nigeria have entered. The ECOWAS arrangement was endorsed on 28th May 1975; it came in into power on the twentieth June, 1975.