ActionAid: Stakeholders demand transparency, accountability in investment governance

Stakeholders from government, civil society organisations and the private sector have called for stronger transparency, accountability and public participation in Nigeria’s investment governance framework.

The call was made Thursday in Abuja at a stakeholder engagement on Fair and Responsible Investment Governance in Nigeria, organised by ActionAid Nigeria to mark the close-out of the Civil Society Alliance for Fair and Responsible Investment in Nigeria (CSAFRIN) project.

The Country Director of ActionAid Nigeria, Dr Andrew Mamedu, said Nigeria’s investment policies must balance the need to attract foreign capital with the government’s responsibility to protect public interest, environmental sustainability and the rights of citizens.

Mamedu, who was represented by the Head of Programmes and Policy, ActionAid, Celestine Odo, said the governance of investment policy had become increasingly important as Nigeria seeks to promote economic growth while preserving its policy space to regulate in the public interest.

He raised concerns about Bilateral Investment Treaties (BITs) and Investor-State Dispute Settlement (ISDS) mechanisms.

He also noted that Nigeria’s experience with investment disputes, particularly in the extractive and energy sectors, underscored the need for greater awareness, coordination and participation by non-state actors in investment policy reforms.

“Nigeria’s BITs should serve national development interests and protect the rights of Nigerian citizens, not only the interests of foreign investors,” Mamedu said.

He added that ISDS provisions in existing treaties could expose Nigeria to significant financial liabilities and constrain the government’s ability to regulate in the public interest.

According to him, the CSAFRIN project, implemented by ActionAid Nigeria and Policy Alert with a broad coalition of stakeholders, generated evidence on Nigeria’s BIT landscape and exposure to ISDS while strengthening citizens’ participation in investment governance.

He said the project culminated in a National Policy Dialogue/Roundtable on BITs, where stakeholders validated recommendations for treaty reform and developed a joint roadmap outlining priority advocacy actions.

Mamedu urged government institutions, civil society organisations, the media and other stakeholders to sustain the collaboration established through the project and ensure that its recommendations translate into concrete policy reforms.

The Acting Chairman of the Fiscal Responsibility Commission (FRC), Charles Chukwuemeka Abana, said responsible investment governance should go beyond attracting capital to ensuring that investments contribute to sustainable development, social inclusion, economic growth and public value.

Abana, who represented by the Director office of the Chairman, Head of Protocol SERVICOM, Ugoh Chinemerem, said investment decisions should be guided by transparency, accountability, equity, integrity and sound fiscal governance.

He stressed the importance of civil society organisations in promoting transparency, monitoring public resources and strengthening citizens’ participation in governance.

According to him, the FRC remains committed to reforms that promote fiscal discipline and responsible resource management.

He noted that a credible investment environment requires strong institutions, predictable policies, transparent decision-making and effective accountability mechanisms.

He called for the networks and partnerships developed through CSAFRIN to be sustained beyond the project’s close-out.

Also, Assistant Director of Budget Office of the Federation, Mr Jide Ologunorisa also emphasised the importance of proper allocation, monitoring and tracking of government resources as Nigeria continues to receive investments.

He said investment in platforms and systems that promote transparency, as well as an appropriate legal framework and institutional arrangements, was necessary to strengthen confidence in Nigeria’s investment environment.

He commended the Federal Government for its commitment to improving the country’s economic and national development and expressed support for continued collaboration among stakeholders.

The Executive Director of Policy Alert, Tijan Bolton said Nigeria must place its development priorities, climate commitments and responsible use of natural resources at the centre of investment decisions.

He stressed the need for greater civil society and community participation in processes relating to investment and natural resource management.

He urged policymakers to ensure that civil society organisations and communities have a meaningful role in the review process.

According to him, Nigeria also needs to examine how investment can be made available in ways that support the country’s broader development objectives.

He identified three key considerations that should guide investment decisions: Nigeria’s development priorities, its capacity to adapt, and alignment with the country’s climate commitments.

He said adopting such an approach would help Nigeria move towards a more responsible and development-focused investment framework.