Dispute
Resolution Mechanism of the Nigerian Investment Promotion Commission Act
This is provided for in section 26 of the Nigerian Investment Promotion
Commission Act. Although section
26(2) of the Nigerian Investment Promotion Commission Act provides for
different laws that will apply for foreign and local investors, section 26(3) thereof does not specify whether the investor
would be local or foreign. It therefore affords both foreign and local
investors level opportunities for settling investment disputes.
Procedure
for the Resolution of Disputes under the Nigerian Investment Promotion
Commission Act
1.
Where a dispute arises
between an investor and any government of the federation in respect of an
enterprise, all efforts shall be made through mutual discussion to reach an
amicable settlement.
2. If amicable settlement through mutual discussion is
not possible, the dispute may be submitted at the option of the agreed party to
arbitration as follows;
a.
In case of a Nigerian
investor, in accordance with the rules of procedure for arbitration as
specified in the Arbitration and
Conciliation Act Cap A18 Laws of the Federation of Nigeria 2004.
b. In the case of a foreign investor, within the
framework of any bilateral or multilateral agreement or investment protection
to which the Federal Government and the country of which the investor is a
national are parties; Or
c.
In accordance with any national
or international machinery for the settlement of disputes agreed on by the
parties: section 26(1)(2) of the Nigerian
Investment Promotion Commission Act.
3. Where in respect of any dispute, there is disagreement
between the investor and the Federal Government as to the method of dispute
settlement to be adopted, the International
Centre for Settlement of Investment Dispute Rules shall apply: section 26(3) of the Nigerian Investment Promotion
Commission Act.
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