Taiwan awaits signing of IPPA to key into Renewed Hope Agenda

From Godwin Tsa, Abuja

The government of Taiwan has stated it is awaiting President Bola Tinubu’s consent to renew the 1994 bilateral Agreement for Investment Promotion and Protection (IPPA) to enable the country to offer assistance in driving the Renewed Hope Agenda of the President Bola Tinubu administration.

The Chief of the Taiwanese Mission at the Taipei Trade Office in Nigeria, Mr Andy Yih-Ping Liu, who disclosed this in Abuja, said the signing of the IPPA would greatly encourage Taiwanese investors interested in visiting and investing in Nigeria. Liu said both Taiwan and Nigeria share the same belief in upholding democracy and development as fundamental principles.

The IPPA, which is a legal document between two or more countries, is expected to be signed by the Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, on behalf of the Government of Nigeria.

It is aimed at safeguarding investments made by investors from one country within the territory of another, offering protections such as fair treatment, compensation for expropriation, and dispute resolution mechanisms, essentially promoting direct foreign investment by mitigating risks for investors.

Mr Liu stated that the renewal signing of the IPPA would greatly encourage Taiwanese investors interested in visiting and investing in Nigeria.

According to him, “Taiwan welcomes the Nigerian Federal Government’s approach to renew the 1994 bilateral Agreement for Investment Promotion and Protection (IPPA), and we are ready to sign for renewal, together with our counterpart, the Nigerian Trade Commission in Taiwan. This renewal signing will greatly encourage Taiwanese investors interested in visiting and investing in Nigeria. Taiwan welcomes the reactivation of bilateral consultations of our two governments, and we would like to propose consultations being hosted at the Permanent Secretary level/decision-making officials. The Australian Government has practised this consultation for at least two decades.

“Taiwan can be more than a valuable partner for both Nigeria and Africa, because Taiwan plays a significant role in the global economy, democracy, science and technology, social development, and serves as a true model of a non-oil economy. We, therefore, urge the Nigerian Federal or State Governments to take up the world trend of collaborating with Taiwan to upgrade and deepen our bilateral relations in the near future.”

Liu stated that as a country, they remained committed to helping the President realise his dream of making the South-East the Taiwan of Africa.

“President Bola Ahmed Tinubu openly declared during the election campaign in November 2022 that he would promote the South-East of Nigeria to become the Taiwan of Africa. We have never been so proud, and we’re ready to offer assistance to fulfil the great Renewed Hope Agenda,” he stated.