Minister for Foreign Trade and Development Paula Lehtomäki signed an agreement about protection of investments between Finland and Nigeria
Minister for Foreign Trade and Development Paula Lehtomäki signed in Helsinki on 22 June an agreement concerning promotion and protection of investments between Finland and Nigeria. For Nigeria the agreement was signed by Minister of Industry Alhaji Magaji Mohammed.
Through the agreement Finland aims at promoting the chances of the Finnish trade and commerce to take advantage of the growing markets of Nigeria, as well as guaranteeing the operational conditions for investments in the country. The agreement guarantees that Finnish investments are not discriminated against in Nigeria in relation to the country’s own investments or investments made by third countries. Through the agreement Finland also seeks to enhance stability and predictability of the investment environment. Besides trying to protect the Finnish investments, Finland also aims at contributing to the development of Nigerian economy and the fight against corruption. The goals of the agreement also include promoting the respect of international standards in working life, improving the social conditions, and advancing environmental protection in Nigeria.
Lehtomäki underscored how attracting foreign investments is of great importance for the economic and social development in the development countries. As far as Finland is concerned, Nigeria also acts as a gateway to the markets of the Economic Community of West African States ECOWAS), the meaning of which will grow as the cooperation in the area becomes deeper and the internal trade gradually becomes freer. According to Lehtomäki, Nigeria offers important market potential in the sectors of Finnish expertise, including telecommunications, energy sector or paper and environmental technology.
Finland has signed agreements concerning promotion and protection of investments with 51 countries. The African countries with which Finland has a valid or negotiated agreement include Algeria, Egypt, South Africa, Ethiopia, Morocco, Namibia, Zambia, Tanzania and Tunisia.
Additional information: Commercial Counsellor Kimmo Sinivuori, tel. +358 9 1605 6167, and Special Adviser to the Minister Okko-Pekka Salmimies, tel. +358 40 735 6545