The Federal Government on Wednesday reiterated its commitment to harmonise its investment treaty with the Kingdom of Netherlands for the mutual benefit of both countries.
Dr Evelyn Ngige, Permanent Secretary, Ministry of Industry, Trade and Investment, said this at a round-table negotiation on the investment promotion and protection agreement between Nigeria and the Kingdom of Netherlands in Abuja.
The Permanent Secretary said that this step would also boost economic activities and strengthen the confidence of investors for a sustainable economic development.
Ngige, represented by the Director, Investment Promotion Department in the Ministry, Mrs Gertrude Orji, expressed the hope that the collaboration between the two countries would impact positively on the economies of both countries.
She noted that the essence of the meeting was to deliberate on the draft models, taking into consideration the policy directions of both countries.
Ngige said that beyond signing the agreement, it was also important for both countries to monitor the implementation and execution of the agreement.
Earlier, the Chief Negotiator on Investment Promotion of the Kingdom of Netherlands, Robert Dool, said the aim of the meeting was to facilitate economic relations between both countries.
He said his country appreciated the relationship that existed with the Nigerian Government, which he described as one of the pillars of socio-economic development, economic cooperation and integration.
“This explains why 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.
“This has induced a critical review of the bilateral agreement and in a modernised way, acts in promotion and protection of international and social economic development,” he said.
Dool said the negotiating team had engaged on modernisation of economic relations of the two countries and promotion of trade which was originally signed in 1992.
He said that between 1992 and 2023, the world had evolved into a different place.
The Director, Legal, Nigerian Investment Promotion Council, Patience Okala, lead negotiator on the Nigerian side, emphasised the need to preserve the Nigeria policies on investment.
According to her, dispute prevention for investors is also paramount.
She urged both countries to expand the investment dimension of their treaties, as part of efforts to review trade between Nigeria and Netherlands so as to have a sustainable policy.