An Appraisal of the Legal Framework for the Protection of Foreign Direct Investment in Nigeria by Mrs ‘Funke Adekoya SAN*

Paper presented at the 2015 Annual Conference of the Chartered Institute of Arbitrators [Nigerian Branch] [1]

Introduction

An appraisal of the legal framework for the protection of foreign direct investment requires an agreement as to what constitutes foreign direct investment or FDI as it is commonly referred to. There is no universally accepted definition of what constitutes ‘foreign direct investment’ or FDI, but it is generally agreed that FDI refers to a commercial act whereby a person or entity from one country deploys substantial resources from that country to another country in order to establish commercial operations or acquire income-generating tangible assets, or take effective control or have a significant degree of influence over the management of such operations or assets with the expectation of obtaining a return on such investment. Continue reading