Executive secretary of the Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku, says 80 percent of bilateral agreements signed in the past needs to be renegotiated.
She said this was imperative as they are obsolete and need to be modernised.
Sadiku whose first tenure as chief executive officer of NIPC ends on September 26, made the statement in an interview on Arise TV.
According to her, modernising such treaties will help ensure that targeted investments are in line with the sustainable development goals.
Reflecting on her time as the Executive secretary, she said she worked with limited resources but had to define where NIPC has to focus its energy and the first thing she did was to look at the quality of the bilateral investment treaties that Nigeria has signed over the years.
Sadiku disclosed that NIPC remitted N1.9 billion to the consolidated revenue fund in 2020 and that under her leadership, the commission made N11.9 billion in internally generated revenue.
“Of that, we have remitted N5.8 billion to the consolidated revenue fund. Roughly, about 49 per cent of what we have generated in five years have been remitted to the consolidated revenue fund.”
Sadiku added that NIPC should not be regarded as a revenue-generating agency, saying the business of investment promotion “is typically a public good, it is not revenue generation”.
