ISDS Case Map
Nigeria
The battle over block OPL 245 between Nigeria and Italian major ENI was suspended on 16 November.
From all indications, Nigeria may likely fail in its bid to commence trading in the African Continental Free Trade Area (AfCFTA), under the Guided Trade Initiative (GTI).
Nigeria’s intra-African trade value dipped 11.95 per cent year-on-year (YoY) from N956.93 billion in the first quarter of 2022 (Q1 2022) to N842.6 billion in Q1 2023, despite operation of the African Continental Free Trade Area (AfCFTA) since 2021.
The Lekki Deep Sea Port seeks to position Nigeria for the big gains of the African Continental Free Trade Area (AFCFTA), competitive transhipment, and status upgrade, but local communities want a share of this prosperity and protection.
Nigeria’s intra-African trade has continued to underperform expectations despite the commencement of the African Continental Free Trade Area (AfCFTA) as the trade value fell Year-on-Year (YoY) to N842.6 billion in the first quarter of 2023 (Q1’23) 11.95 percent down from N956.93 billion in Q1’22.
In the last week, four African countries have received investment arbitration claims before the International Center for Settlement of Investment Disputes (ICSID). Cameroon, Nigeria, the Democratic Republic of the Congo and Tunisia have been sued by investors from Italy, the Republic of Korea, Australia, Singapore and the United Kingdom.
The Nigerian government and the Kingdom of Netherlands have engaged in an Economic Consultation to improve the existing bilateral investment treaty between both countries to strengthen economic interests and opportunities.
On the strength of Nigeria’s estimated 200 million population and huge market, she was tipped as the biggest potential beneficiary of the African Continental Free Trade Area (AfCFTA) Agreement. However, two years after trading commenced on January 1, 2021, Nigeria is yet to begin practical implementation of the trade pact.
SAMI OLATUNJI examines how local challenges could stop Nigeria from reaping the benefits of the African Continental Free Trade Area.
Stakeholders have said the African Continental Free Trade Area Agreement (AfCFTA) has the potential to grow trade value in Nigeria to the tune of $12 billion by 2027.
