AN ANALYSIS OF THE LEGAL FRAMEWORK FOR THE PROMOTION OF FOREIGN DIRECT INVESTMENT IN NIGERIA

AN ANALYSIS OF THE LEGAL FRAMEWORK FOR THE PROMOTION OF FOREIGN DIRECT INVESTMENT IN NIGERIA

ABSTRACT

The legal regimes of protection of investments in Nigeria have over the years suffered not only from a lack of policy drive, but also a sustainable and development driven legal framework. Policy inconsistencies and consequent uncertainty on investment issues in the Nigerian economy has impacted somehow negatively on the psyche of both local and foreign investors who are genuinely desirous of investing in Nigeria. From all indications, the quest for greater economic development on the part of the developing host nation in any foreign investment is a primary motive for foreign investment. The maximization of capital and profit on the part of the foreign partner is the main objective of such investors. Hence the need for an elaborate legal framework for the promotion and protection for foreign investments in Nigeria becomes very fundamental.. The methodology to be employed in this research is doctrinal which includes the primary and secondary sources. This work has x-rayed the relevant Nigerian legal framework for the promotion and protection of foreign investments in Nigeria. This work has diagnosed relevant Nigerian laws as they relate to the promotion and protection of foreign investment in Nigeria. The historical evolution of foreign investment in Nigeria has been discussed. The determinant factors of and sectorial analysis of foreign investment is also treated. Issues like investment dispute resolutions, and arbitration have equally been discussed and fully analysed with proffered recommendations. Issues like privatization as they relate to investments and Nigerian economy have equally been discussed with solutions proffered. The regulatory institutions and legal mechanisms of foreign investment in Nigeria have equally been examined where some shortcomings have been observed and solutions proffered in that regard. The research established that the legal framework for the promotion of foreign direct investment in Nigeria is inadequate. The research also recommends establishing a strong legal system for the promotion of foreign investment and strengthening the relevant institutions promoting foreign investments in Nigeria.

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