AFRICA: OIC Arbitration Centre To Boost Foreign Direct Investment In Nigeria

The Organisation of Islamic Countries Arbitration Centre (OIC- AC) has indicated interest in supporting foreign direct investment into Nigeria though amicable resolution of disputes.

The Secretary General of OIC-AC, Dr Umar Oseni, gave this indication at a reception organised in his honour in Abuja on Sunday night.

Oseni, a Nigerian, said in all the bilateral treaties Nigeria is entering into with other countries, OIC will ensure that there is a clause in them for dispute settlements and the body had provided the platform to actually resolve those disputes.

“For Nigeria, what we can encourage is to ensure that Nigeria actually utilises this platform because it is an arbitration centre where disputes are resolved amicably. So it will have to give that confidence to foreign investors who will want to invest in Nigeria if they know that their disputes will be resolved in a very amicable manner.

“So, with the platform of the OIC Arbitration Centre, I believe they will actually come to invest in Nigeria. So we look at it from the perspective of foreign direct investment for the country, which we feel is very important. And we will continue with this advocacy globally to tell investors that Nigeria also keys into this project of OIC by actually allowing it to have this clause as part of the investment treaties, investment agreements they entered into,” he said.

In his remarks, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said Islamic banking and finance in Nigeria was never an attempt to Islamise the country or Islamise financing in Nigeria.

Represented by director of Legal Services, Kofo Salam-Alada, the CBN governor, who was the guest of honour at the reception, said that though naysayers kicked against the introduction of Islamic banking and finance in Nigeria on account of religion, the person who spearheaded it is now a pastor of a church, and he was also a part-time pastor when the journey started.

“The journey of Islamic in Nigeria today has produced many banks. I will call them many because these banks have reached out to not just the states but everybody who is into business in Nigeria.

Permit me, to just mention, I am not advertising but I can say we are proud of Jaiz, Tajj, etc. We are happy to drive on roads financed by Sukkuk in Nigeria and more billions will still come. So many programmes are on the card, the Central Bank of Nigeria will not rest until financing gets to the grassroots,” he said.