Nigeria, Singapore sign bilateral treaty to deepen economic partnership

Nigeria and Singapore have signed a bilateral investment treaty to encourage and safeguard investments between their countries.

In a statement issued Saturday, Alkasim Abdulkadir, special assistant on media and communications strategy to Yusuf Tuggar, minister of foreign affairs, said the investment promotion and protection agreement (IPPA) will also strengthen Nigeria’s appeal as an investment destination while offering protections for Singaporean investors.

The agreement was signed on August 22 just before the 5th Singapore–Africa ministerial exchange visit (SAMEV) which held from August 26 to 28 in the Asian country.

SAMEV has, since its inception in 2014, provided a forum to strengthen ties and exchange development experiences between Singapore and African nations.

Abdulkadir said Tuggar participated in the event.

Gbenga Oyebode, co-founder of Aluko & Oyebode, one of the largest integrated law firms in Nigeria; and Samaila Zubairu, president and CEO of the Africa Finance Corporation, were key speakers.

“Both underscored Africa’s growing role in global economic integration and Nigeria’s position as a hub for investment in the continent,” the statement said.

“The BIT is expected to catalyse economic cooperation, deepen investor confidence, and expand opportunities in key sectors such as infrastructure, technology, and sustainable development.

“It also aligns with Nigeria’s broader foreign policy drive to attract foreign direct investment and build global economic partnerships under President Bola Ahmed Tinubu’s administration.”

Beyond the formal agreements, Abdulkadir said the platform created avenues for Nigeria to showcase its economic reforms and build networks with policymakers and business leaders from Asia and Africa.