Signing the ECT would give the transnational companies in the energy sector a weapon to re-colonise Nigeria, as it would also be incompatible with Nigeria’s economic diversification aspirations.
Nigeria is targeting to be part of the International Energy Charter (IEC), a global community that will enable it to attract Foreign Direct Investments (FDI) to accelerate power sector development.
AfCFTA roundtable brought together business leaders, academia, government representatives, trade, and legal experts to discuss and deliberate on dispute issues in implementing the agreement in Nigeria.
Ahead of the African Continental Free Trade Agreement (AfCFTA) implementation in Nigeria, the Nigerian Institute of Chartered Arbitrators and other stakeholders are seeking dispute resolution mechanisms that will address concerns of non-state entities.
Nigerian labour unions and civil society organizations have urged the government not to assent to the ECT, explaining that the Treaty contains provisions for an Investor-State Dispute System (ISDS), which accords investors obscene privileges.
The Nigerian Minister of Industry, Trade and Investment, has called for the establishment and strengthening of more arbitration institutions in Africa in line with international standards.