This research analyzes investment treaty arbitration under the International Center for Settlement of Investment Disputes (ICSID) in the context of Nigeria's international investment law regime. The ICSID Convention establishes ICSID. The arbitration of investment claims in the context of investment treaty arbitration under the ICSID should reflect the purpose of the ICSID Convention. The nature of foreign investment disputes is implicated in any act or omission by the host State tantamount to expropriation or violations of applicable investment agreements. This implication is one of the considerations for the protection of foreign investments in the host State through mechanisms that support the theory of the 'internationalization of State contracts' and the interpretation of 'umbrella clauses' found in most Bilateral Investment Treaties (BITs) applicable to the settlement of investment disputes. There are questions with respect to the feasibility of the classical theory of foreign direct investment (FDI) and the postulation of 'treaty protagonists' that the core adjudicative element of investment treaty arbitration ought to be 'contribution to economic development.' The thesis argues that, while the international mechanisms for the conduct of FDI are not yet perfect, the mechanisms offer some ideas and experience on how to reform Nigeria's investment treaty mechanism using 'the law in context approach' as a basis for reforms. The uncertainty associated with the ICSID Convention, with respect to the definition of 'investment' and established foreign investment treatment standards found in Nigeria's BITs regime, provides an opportunity for Nigeria to design a legal mechanism that would enhance its competitiveness in attracting FDI for economic development. A legal framework for investment treaty arbitration conducted under the ICSID is proposed to promote economic development and avoid the costs associated with investment treaty arbitration.
| Identifer | oai:union.ndltd.org:bl.uk/oai:ethos.bl.uk:641456 |
| Date | January 2014 |
| Creators | Okpe, Felix Oghenekohwo |
| Publisher | University of Aberdeen |
| Source Sets | Ethos UK |
| Detected Language | English |
| Type | Electronic Thesis or Dissertation |
| Source | http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=225327 |
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