Published 26 November 2019
Nigeria has great potential as a key energy investment destination in Africa. With abundant energy resources, the country offers great investment prospects to foreign investors. The Nigerian Federal Government has expressed the desire to make Nigeria the main investment destination in Africa and has rolled out various measures to attract foreign investors. However, international investment projects involve series of delicate procedures, that could easily be affected by host state’s policies and actions. There are certain regulatory actions of a host state that could breach foreign energy investors’ rights. In order to alleviate the fears of these actions, host states in line with international investment standards and principles offer certain guarantees to foreign investors. However, the Nigerian domestic investment law did not expressly provide for the basic investment standard of protection - the fair and equitable treatment (FET) expected from investment legal framework. Also, even though the Bilateral Investment Treaties in force in Nigeria do provide for FET, their provisions are weak and non-robust to carter for the controversies surrounding FET. Therefore, this paper claims that for Nigeria to achieve enhanced level of foreign energy investments as currently being targeted, there is need to address these weaknesses in the Nigerian investment legal framework.