An Examination of the Measures for Protection of Foreign Investment Under Nigerian and International Law

As a result of the impact which ‘foreign investment’ wields on both international and national economies, national and global policymakers have formulated policies and emplaced legal measures to ensure an adequate regulation of the entry, terms of conditions, and operations of foreign investment on both municipal and international levels. The reason for this is not hard to seek; there is evidence that foreign investments can have both positive and negative effects. Therefore, the ambition of every serious government is to ensure there is a development of sound policies and legal measures to foster the maximisation of the positive aspects of foreign investment, whilst minimising the negative ones, so that on the whole, there is an appreciable benefit of foreign investment. This is very true for most countries, and the case is no different with Nigeria where there exists a melange of policies and laws for the protection, promotion, and regulation of foreign investment.As we know too well, the phenomenon of ‘foreign investment’ is international in nature. Consequently, there are a number of international measures with direct bearing on municipal investment policies. Most of these are evident in the investment codes of countries that have domesticated the international measures as a reflection of their commitment to a stable international legal order. What emerges from this fact is that it is difficult to examine the legal and policy measures for protection & promotion of foreign investment in any country, without paying due attention to the international aspects of such policies and measures.Against the backdrop of the foregoing, this paper investigates the legal and policy measures for the protection and promotion of foreign investment under Nigerian and international law