Uche Henry and  Lucy Nnaji 

The Director General, Nigerian Institute of Advance Legal Studies(NIALS) professor Adedeji Adekunle, SAN, has called on the federal government to critically look into its Direct Foreign Investments (DFI) policies and other bilateral business treaties it has with other countries with the aim of revamping and transforming the economy. 

Speaking in Lagos over the weeken at a Symposium on International Investment Law and Practice in Honour of Late Professor Michael Ayo Ajomo which was held at the Nigerian Institute of Advanced Legal Studies (NIALS), University of Lagos, professor Adedeji maintained that for Nigeria to move forward economically, it have to revisit its business treaties and foreign investment policies where Nigeria has comparative advantage business-wise. 

“We need more foreign direct investments, but then we must put our data- base, business policies and documents in order, for investors to take critical decisions, because no one would invest in a hostile economic environment,” he stressed.

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Also at the Symposium, a book was unveiled titled – “Law of International Investment: Essays in Honour of Professor Michael Ayo Ajomo, Robert Clarke, SAN, while presenting the book said that the book deserves accolades. He stated that the country’s economy is in need of foreign investments noting the impact foreign investments had on the development of countries like Singapore, Malaysia and Vietnam. According to him, experts need to put their thoughts together to aid foreign investors to understand Nigeria’s investment laws and policies, investment incentives, taxation and dispute resolution mechanisms. 

Clark, said Nigeria newly elected leaders should emulate other world powers to improve the lots of its citizens adding that Nigeria has all it takes to make citizens very comfortable, if not for poor leadership. 

“Every selfless tourist ought to learn and bring home knowledge garnered from developed economies and make Nigeria attractive for same foreigners to visit us for business relationship instead of continously wasting taxpayers monies junketting,” he stressed  

“Nigerian leaders have no track record of bringing home technical-know-how from other countries. Wasting fortunes oversees is precarious to us, let the right persons be at the rightful places and be allowed to do their jobs without external interference, then things will pick up again,” He reminded the new administration that investors are watching to see what policies and measures that would be put in place as such would determine their investment decisions.