Nigeria, Netherlands Signs Treaty To Boost Investments, Trade

As part of efforts for sustainable investment promotion and protection, the Federal Government (FG) has commenced moves to harmonize the investment treaty with the Kingdom of Netherlands for the mutual benefit of both countries.

The Permanent Secretary, Federal Ministry of Industry, Trade and Investment (FMITI) Evelyn Ngige stated this at the first round-table negotiation on the investment promotion and protection agreement between the FG and the Kingdom of Netherlands in Abuja.

Representing the Permanent Secretary, the Director Investment Promotion Department FMITI Gertrude Orji, said the decision was a necessary step that would boost economic activities and strengthen the confidence of investors for sustainable economic development.

Ngige said, “The Federal Government has moved to harmonize the investment treaty with the Kingdom of Netherlands for the mutual benefit of both countries.

“We believe that continuous collaboration between the two countries will impact our economy.

“And beyond signing the agreement, it is also important for both countries to monitor the implementation and execution of the agreement.”

She also noted that the essence of the meeting was to deliberate on the draft models, taking into consideration both countries’ policy directions.

Speaking at the round table negotiation, the Chief Negotiator on Investment Promotion of the Kingdom of Netherlands, Robert van den Dool stated that the major aim of the meeting was to facilitate economic relations between the two countries.

“Netherlands appreciates the relationship that exists with the Nigerian Government because it is one of the pillars of socio-economic development, economic cooperation, and integration.

“This explains why the Netherlands has taken the initiative to look at their investment promotion in Nigeria to see how they can make this agreement more reflective in the world we live in today” he stated.

He also revealed that the treaty has encouraged a critical review not only of the bilateral agreement but in general, in a modernized way, acts promoting and protecting international and social economic development.

Dool added that the negotiating team has engaged in the modernization of economic relations of the two countries and the promotion of trade which was originally signed in 1992, noting that between 1992 and 2023, the world has evolved into a different place.

The Director Legal, Nigerian Investment Promotion Council (NIPC), Patience Okala, emphasized the need to preserve the Nigerian policies on investment, stressing that dispute prevention for investors is also paramount.