ABUJA, NOVEMBER 5, 2016 – The Federal Government has signed an Investment Promotion and Protection Agreement with the government of Singapore.
The development was confirmed on Friday in a statement issued by the Strategic Communications Adviser to the Minister of Industry, Trade and Investment, Constance Ikokwu.
The statement said the Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah, signed the document on behalf of Nigeria, while the Singaporean Minister of Trade and Industry, Shabir Iswara, signed on behalf of his country
The agreement provides for fair and equitable treatment of investors, compensation for losses arising from strife and expropriation, and settlement of investment disputes under internationally accepted rules, among others
Although there exists trade relations between Nigeria and Singapore, especially in commodities like soya beans, sesame seeds, groundnut, cashew nuts, cocoa and some precious stones, the statement added that the Federal Government had decided to expand and deepen that relationship.
The statement quoted Enelamah to have said, “We have come to the conclusion that we need to do more than selling of our commodities in their raw state. We need to go into value addition before exporting. This, we believe, will lead to job creation and better value for our exports, as well as improve our economy.
“To achieve this, steps have to be taken to attract investments into Nigeria and to ensure that the investments are protected. The signing of the Nigeria-Singapore IPPA therefore, I hope will give you additional assurance that when you invest in Nigeria, your investments will be adequately protected.”
The minister said the administration of President Muhammadu Buhari was committed to ensuring security and good governance in Nigeria as part of the ingredients for economic growth and stability.