Minister Fast Marks Conclusion of Investment Treaty with Nigeria

By Canada - Ministry of Foreign Affairs
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Minister Fast Marks Conclusion of Investment Treaty with Nigeria

OTTAWA, Canada, May 2, 2013/African Press Organization (APO)/ -- The Honourable Ed Fast, Minister of International Trade and Minister for the Asia-Pacific Gateway, meets with Olusegun Aganga, Nigeria's Minister of Industry, Trade and Investment, to mark the successful conclusion of negotiations toward a Canada-Nigeria foreign investment promotion and protection agreement (FIPA). The announcement was made earlier today by Prime Minister Stephen Harper and Nigeria's Vice-President, Mohammed Namadi Sambo, during a visit to Canada by Nigerian senior government officials and business delegates.

A FIPA is a treaty designed to protect and promote Canadian investment abroad through legally binding provisions, as well as to promote foreign investment in Canada. By ensuring greater protection against discriminatory and arbitrary practices, and by enhancing the predictability of a market's policy framework, a FIPA provides businesses with greater confidence to invest. Once implemented, the Canada-Nigeria FIPA will facilitate investment flows, contributing to job creation and economic growth in both countries.

In January 2013, Minister Fast led a successful trade mission to Nigeria with nearly 30 companies and organizations from across Canada to open up new opportunities for Canadian investors and exporters. Since 2006, annual trade between the two countries has more than doubled, reaching $2.3 billion by 2012. Canadian direct investment in Nigeria totalled $36 million in 2011 and is expected to grow as a result of the FIPA.