Nigerian laws protect foreign investment – Malami

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The Attorney General of the Federation, AGF, and Minister of Justice, Abubakar Malami has clarified that Nigerian laws provide one of the best legal protection for foreign investors in the world.

Malami, SAN, made the assertion on Monday when he received the leadership of the Rice Farmers’ Association of Nigeria (RIFAN) together with the visiting delegation from Egypt National Service Project Authority (NSPA), Cairo, led by the Egyptian ambassador Moustafa Awad.

Special Assistant on Media and Public Relations to Malami, Dr Umar Jibrilu Gwandu made this known in a statement issued to newsmen in Abuja.

According to the statement, Malami said the 1999 Constitution of the Federal Republic of Nigeria gives protection to all investors, citizens and foreigners alike against any form of exploitation.

He noted that foreigners are allowed to register and incorporate companies under the Companies and Allied Matters Act, 2020 without any hindrance.

The minister appreciated members of the Rice Farmers Association of Nigeria (RIFAN) and Egyptian National Service Projects Authority’s delegation to Nigeria, on the investment drive to boost food security and enhance the economic fortunes of the two nations.

Malami stated that under the Nigerian Investment Promotion Act, investors are allowed to invest and participate in the operation of any legal enterprise approved by the law.

The Attorney General of the Federation expressed optimism on the project and notified the Egyptian delegation that the Government of President Muhammadu Buhari, has been unparalleled in its commitment towards making Nigeria a haven for investment through infrastructural development, foreign direct investment and ease of doing business initiatives.

Malami reiterated the Buhari-led administration’s commitment to the protection and promotion of the inalienable fundamental human rights to life, liberty including right to own property among others.

The minister assured the delegation that they have absolutely nothing to fear in their choice of investing in the Nigerian Rice Sector, informing them that the Nigerian laws, her justice administration institutions and systems guaranteed the protection of such investments.

The minister emphasized the fact that the African Continental Free Trade Area Agreement (AfCFTA) was expected to progressively eliminate tariffs on intra-Africa trade, making it easier for African businesses to trade within the continent and benefit from the growing African market.

In their separate remarks, the head of National Service Project Authority (NSPA), Cairo, General Walid Yehia Soliman Morsy and the Egyptian ambassador Moustafa Awad noted that Egypt has a long-standing relationship with Nigeria hoping that such mutually beneficial bilateral engagements will continue to make the ties stronger through consolidation economic and trade between the two nations.

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