Nigeria’s vice-president, Yemi Osinbajo has stated that poorly negotiated agreements are the major causes of illicit financial flows (IFFs) and economic loss in many nations.
This was stated by the vice-president at the opening ceremony of a capacity building for Nigerian negotiators event in Abuja on Monday.
The two-day event is organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in conjunction with the inter-agency committee on stopping IFFs from Nigeria.
According to the vice president, Guinea and Pakistan had suffered economic losses arising from poorly negotiated bilateral investment treaties, observing that Nigeria has also been confronted with similar issues.
He cited the Process and Industrial Developments Limited (P&ID) case where Nigeria is at risk of losing billions of dollars due to poor and shrewd negotiations of the contracts.
He advised that rules and guidelines for negotiations should be drafted with care and caution in line with the country’s objectives.
“One of the sources of economic loss for a country such as Nigeria is the consequence of poorly negotiated and poorly drafted agreement,” he said.
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