Nigeria has said legal certainty will be vital to its effort to attract sustainable foreign investment, as senior government and legal figures pressed for an international system that supports trade and economic development.
The position was presented at the inaugural Africa Policy Dialogue held during the 82nd Biennial Conference of the International Law Association in Vienna, Austria. The event brought together Nigerian government representatives and international law practitioners to examine how law can respond to political and economic challenges facing countries.
Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, said Nigeria was ready to work with foreign partners and investors on an international legal framework capable of responding to emerging global challenges.
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Fagbemi said geopolitical tensions, climate disruption, artificial intelligence and pressure on the international rule of law required urgent responses from international lawyers.
“Legal infrastructure is the backbone of global commerce. Capital flows where legal certainty exists.”
He said participants should recommit themselves to three pillars: “Law for Peace, Law for Prosperity, and Law for the People.”
“Nigeria stands ready to collaborate in building an international legal order that is equitable, resilient, and fit for the future,” he said.
The minister’s position places the legal environment around trade and investment as an important part of Nigeria’s economic engagement with foreign partners.
Skilled negotiators seen as vital to investment deals
Nigeria’s Ambassador to Austria, Florence Ajimobi, said the country was ready to deepen international collaboration and support investments capable of advancing the economic objectives of President Bola Tinubu’s administration.
Ajimobi also said international diplomacy was important to building a peaceful and prosperous society. She praised the International Law Association for providing a platform where African professionals could discuss international law and diplomacy.
For Prof. Damilola Olawuyi, SAN, the discussion must also address Nigeria’s ability to negotiate investment and trade agreements.
Olawuyi, President of the Nigerian Branch of the International Law Association, said Nigeria’s position as Africa’s largest economy placed it in a strategic position to contribute legal solutions to global challenges.
He said attracting sustainable international finance would require local expertise capable of negotiating mutually beneficial trade and investment agreements.
“Our key message today therefore is that ILA Nigeria is ready to help,” he said.
Olawuyi, who is also the UNESCO Chair on Environmental Law and Sustainable Development at Hamad Bin Khalifa University, Doha, said international law had an important place in dealing with challenges facing the global community.
His position points to the need for legal professionals with the skills to handle agreements involving international investors, governments and businesses.
The issue was also raised by Tunde Fagbohunlu, SAN, Senior Partner of Aluko & Oyebode, who said legal certainty had become an important economic asset amid geopolitical fragmentation.
Fagbohunlu said businesses and investors needed stable and predictable legal frameworks to make long-term decisions and manage cross-border risks.
He said closer cooperation among governments, international institutions, businesses and the legal profession was necessary to strengthen the rule of law, improve investor confidence and support Africa’s economic integration.
Africa policy dialogue puts law on economic agenda
The Africa Policy Dialogue was organised by the Nigerian Branch of the International Law Association in partnership with the Federal Ministry of Justice, Aluko & Oyebode and the Nigerian Embassy in Vienna.
Its theme was “Peace, Prosperity and the Future of International Law: Geopolitics and Geoeconomics in a Fragmenting World”.
The discussions placed economic development and international law in the same conversation, with speakers examining the legal conditions needed for trade, investment and cross-border business.
Panel discussions also featured experts from Nigeria, other African countries and other jurisdictions.
The International Law Association was established in 1873 to promote the study, clarification and development of public and private international law. It also works to advance international understanding and respect for international law.
The Nigerian branch regularly organises lectures, seminars, conferences and capacity development programmes on international law.
For Nigeria, the Vienna discussion presented legal expertise as an important part of its engagement with international investors and partners. The emphasis from the participants was that investment agreements must be supported by predictable legal systems and the ability to negotiate terms that serve both sides.
The participants also reaffirmed Nigeria’s readiness to work with international partners on legal arrangements capable of supporting peace, prosperity and economic development.
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