By Linus Aleke
The Federal Government, on Tuesday, expressed desire to review the existing bilateral investment agreements with the Kingdom of Netherlands, with a view to deepen economic tie between the two friendly countries.
The Permanent Secretary, Ministry of Foreign Affairs, Amb. Adamu Lamuwa, said this at the opening of the Nigeria-Netherlands Economic Consultation on Trade, Investment and Development in Agriculture, Economy and Renewable Energy.
Finding by ThisNigeria reveals that no fewer than 35 Ministries, Department, and Agencies (MDAs), as well as private sector players would be participating in the three-day economic consultation.
Represented by the Director, Trade and Economic Relations, Amb. Bolaji Akinremi, the Permanent Secretary, disclosed that discussion would also be opened on the establishment of a joint Binational Commission.
Amb. Lamuwa, said, the Economic Consultation is timely, as rebuilding the nation’s economy is the focus of the new administration.
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“This gathering of professionals would foster productive dialogue on Nigeria-Netherlands Economic Cooperation, the Investment Promotion and Protection Agreement (IPPA), Avoidance of Double Taxation Agreement (ADTA), and other legal frameworks.
During this Economic Consultation, Nigeria is willing to explore further, areas of economic cooperation with the Netherlands in Agricultural value chain, secular economy, renewable energy, waterways management and water scarcity.
Other areas are: Oil and Gas, Special Economic Zones, African Continental Free Trade Area (AfCFTA), Economic Community of West African States (ECOWAS) and Trade facilitation in Western Africa, Science, Technology and Innovations (STI) Education and Health, Mines and Metallurgy, Arts and Crafts, Tourism, Creative and Entertainment Industry,” he said.
The Vice Minister for Foreign Trade of the Kingdom of the Netherlands, Ms. Hanneke Schuiling, said, the Dutch government attaches importance strengthening bilateral economic relationship with Nigeria, its fifth trading partner in Africa.
Schuiling said, updating and modernizing the investment agreement between both countries will create a more stable and predictable investment environment.
According to her, “In this regard we see a high potential in four areas in particular: –agriculture, IT, healthcare and renewable energy. As you may be aware, the current treaty was signed in 1992. Since then, both countries have experienced significant changes in their approach to international investments which can be adopted into a new treaty. It is important to modernize our treaty to reflect these changes. A modernized treaty can also foster stronger economic relations between our two nations”.
She expressed optimism that two countries can seize the opportunity to mutually agree on a new investment treaty, that reflects the evolving economic landscape and guarantees a fair and transparent investment climate for both parties.
Director General, Nigeria Maritime and Safety Agency (NIMASA), Dr Bashir Jamoh, said, the Agency looks to partnering with the Netherlands as a maritime nation to develop Nigeria’s blue economy to becoming the nation’s main source of revenue.
“We are doing what we can explore from the over 2.5 trillion dollars’ worth of ocean resources,” Jamoh said.
He added, “What we are advocating now is the issue of the blue economy, and already, the Federal government has inaugurated a committee to look into ways of harnessing our blue economy”.
The fishing industry, he said, used to give Nigeria the second largest income, but because of the extinction of these fishing trollers Nigeria no longer have any sizeable income from fishing.
