Harnessing Foreign Investments with Environmental Sustainability in Nigeria's Oil and Gas Sector: Legal Issues and Solutions
Description
The concept of foreign investment ordinarily looks attractive as it appears to present a significant opportunity for developing economies like Nigeria to harness and promote sustainable development. It is also seen as one of the cornerstones for economic growth, with a platform for mutual benefit between the host countries and foreign investors. However, when juxtaposed with the economic potentials of the mangrove forest, marine ecosystem, and wetlands worth more than billions of dollars, as well as the human health and lives that Nigeria has lost (and still loses) as a result of pollution-related activities of foreign investors in the oil and gas sector, it becomes evident that the “most needed” foreign investments developing economies scramble for are not worth the effort in the absence of a legal balance. The idea behind this concept revolves around two principal themes: first, the desire for economic growth (represented by the host states and foreign investors on the one hand), and second, the legal obligation to ensure environmental sustainability (favourable to ordinary citizens on the other hand).
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This research project adopted a mixed-methods approach that combines qualitative and quantitative research methods. The research design uses a case study approach focusing on a detailed examination of legal principles, statutes, case law, and legal doctrines to identify and interpret the underlying legal frameworks governing sustainability concepts and foreign investments. This method is essential for understanding how different legal systems have addressed these issues and the role of multinational companies within these frameworks. The case studies are selected based on their relevance to the research questions and objectives. Data collection methods include document analysis, interviews, and surveys. The documents analyzed include legal documents related to the BRI investment and business models, BITs, academic articles, and reports. The interviews were conducted with key stakeholders, including the indigenous people, government representatives, lawyers, and relevant stakeholders. The data analysis techniques include content and thematic analysis, whereas the content analysis was applied to analyze the legal documents related to cases of the BRI and foreign companies and their sustainability impacts.