Professor Damilola Olawuyi, a Senior Advocate of Nigeria and President of the International Law Association in Nigeria, stressed the importance of having knowledgeable experts in international law at Nigeria’s Negotiation tables in order to draw in the trade, investment, and financial resources required to resolve domestic problems. Speaking at a recent conference held in Lagos by the Nigerian Institute of Advanced Legal Studies, he cited a previous agreement between China and Nigeria as an illustration of the unfavourable results that might occur when negotiators are not led by those knowledgeable in international law.
Speaking at the event was international attorney Olufemi Elias, who addressed worries regarding Nigeria’s three United Nations Security Council votes. He explained that getting three votes without running was a source of pride rather than humiliation and that Nigeria did not field a candidate. Elias reaffirmed the increasing relevance of international law in regards to issues such as global conflicts and Climate Change and stressed the value of the legal Education offered by the certificate program. The China-Nigeria agreement that Professor Olawuyi brought up covers a number of commercial and Infrastructure agreements between the two countries, especially in the fields of rail construction, telecommunications, and energy projects.
Risk of Nig. engaging in agreements that impede economic growth.
A noteworthy example of this is the credit arrangements Nigeria struck with China to Finance important infrastructure projects, such as the railway between Abuja and Kaduna. These agreements required Nigeria to pledge specific national assets as collateral, which sparked worries about the country’s sovereignty and potential economic fallout if Nigeria failed to make Loan payments. Discussions about whether Nigeria had enough bargaining power or legal knowledge at the table, or if the terms were fair, were aroused by this agreement. China’s tendency to demand strict terms in these deals, according to critics, puts developing countries without much negotiating power in a “debt trap.”
Due to a lack of knowledge of international law, agreements that benefit foreign Investors may be reached during these negotiations, leaving Nigeria open to long-term debt, unfavourable loan terms, or asset loss. Beyond particular agreements such as the one with China, Nigeria’s international law knowledge is vital in determining its position in Investment treaties, International Trade connections, and diplomatic contacts. Nigeria runs the risk of engaging into agreements that impede economic growth, subject it to needless legal obligations, or restrict its access to international finance in the absence of robust legal frameworks and negotiators.
Strong bargaining that upholds national interests is needed.
Proficiency in international law holds immense economic value for Nigeria. Nigeria has the biggest Economy in Africa, with expanding Trade and investment prospects as well as internationally recognised natural resources. But in order to turn these resources into long-term economic growth, strong bargaining that upholds national interests is needed, in addition to having access to finance. Nigeria, for example, has signed a number of bilateral trade and investment agreements with the United States, China, and European Union member states. However, if these agreements are poorly draughted, they may force Nigeria into unfavourable conditions that will affect its access to technology, labour markets, and economic sovereignty for decades to come.
Olufemi Elias, an international lawyer, continued, “Understanding international law is essential in areas like climate change negotiations, Human Rights law, and Peace agreements, all of which directly affect Nigeria.” In order to make it clear that Nigeria had not filed a candidate and that the votes were an accomplishment rather than a failure, he brought up the recent UN Security Council situation in which the country had only three votes. This example shows how legal and diplomatic intricacies can affect Nigeria’s international standing and diplomatic endeavours.
Country may end up losing billions in legal disputes.
Experts in international law are also crucial in settling conflicts that emerge from multinational companies doing business in Nigeria, particularly in industries like oil and gas, where compensation agreements and environmental regulations can be highly contentious. As demonstrated by cases such as the $9.6 billion awarded to Process & Industrial Developments Limited (P&ID) in a Lawsuit that Nigeria eventually contested, but only after suffering serious reputational damage, Nigeria may end up losing billions in legal disputes if it lacks a solid understanding of international arbitration.