Analysis

The conclusion of the AfCFTA comes in the wake of global trade facing a lot of uncertainty, with more countries becoming more protectionist and the global world trade order facing collapse due to rising tensions. Despite all this, Africa’s regional integration agenda remains at the core. The Protocol on Investments is meant to be continental wide project to protect and promote investments in Africa. The ultimate goal for the AU’s regional integration objectives should be to have one investment framework to regulate the whole continent.

Attracting foreign investment while holding transnational corporations to account for any human rights transgressions is by no means an easy feat. It will require that a careful balance be struck between the interests of the host State and its people, and that of private actors expecting good risk-return ratios in pursuit of the bottom line. Although international mechanisms such as the United Nations Committee on Economic, Social and Cultural Rights have long endorsed accountability for transnational corporations, a zero draft international convention to regulate this issue has only recently been developed.

One of the key points of departure of this book is that ‘the prevailing investment treaty based rules regime institutionalises neoliberalism, which argues for a lesser involvement of the state in the market’ (p. 19), and that ‘despite neo-liberalism’s aversion to the role of the state in economic matters, the state is responsible for the public interest and is the highest authority and a reduction in its economic functions’ (p. 19). It is on this basis that Adeleke theorises a harmonisation between the neoliberalist attitudes of international investment law on the one hand, and the public interest objectives of human rights law on the other.

This book symposium is about a new era of international investment norms in Africa. The discussion focuses on how to foster cooperation between African states and foreign investors in implementing sustainable development objectives and addressing global challenges. Several traditional investment treaties offer investors broad rights and protections that are backed by strong dispute settlement mechanisms. In the same vein, States have historically committed to non-reciprocal obligations in investment treaties that are seen as significantly limiting the policy space of states.

Even though the political situation may have delayed Nigeria's commitment to the AfCFTA at the time of the Kigali declaration, public consultations was never a bad idea. However, the government consultation initiated by the Buhari government and facilitated by the NOTN have come and gone. After the consultations, some initial skeptics have been won over about the benefits of Nigeria signing up to the AfCFTA. However, objectors to the AfCFTA remain, who stand their ground that Nigeria is not ready to join the AfCFTA.

Upon improving its infrastructure, Nigeria could very easily leverage its economic base in distributing its products within Africa and internationally. This is already the case in its ‘soft’ products, such as the Nigerian film and music industry, which has seeped into all nooks of African continent, and is largely received internationally. This can be replicated in other aspects, once the foundation is properly laid internally.

Although the restructuring of the existing legal framework is unavoidable, the solution must be carefully sought in a conducive, fair and equitable manner to ensure the needs and interest of the marginalised communities should be considered. It is possible that this approach may provoke controversy, but it is vital ensuring uniform and equitable legal framework that address the need and interest of the marginalised communities to find a balance in the system.

This blog post does not focus on the different reasons that makes integration difficult. Rather, it argues that the structure of the agreements of African Union (AU) contributes to the lack of political commitment among leaders which has been a missing ingredient for successful integration in Africa.

A proper assessment of Rudahindwa’s monograph on the subject of establishing the African Economic Community (AEC) is one that cannot exclude the currents of ongoing reform efforts and the extent to which they are able to move the continent faster towards the dream of achieving the AEC. This invariably raises some methodological questions that border on multidisciplinary approach to regionalism, and the issue of context. The author highlights these two imperatives in the monograph. By using the concept of “developmental regionalism” as an analytical prism, the author situates the discussion within a multidisciplinary paradigm.

Post-Cotonou approaches to innovation require the technocrats to go beyond the jargon of ‘partnership of equals’ and change their own modus operandi: the future relationship must be based on co-production and the case of GIs is a testing ground for this. This would involve dedicating technical teams to work co-productively with farmers’ groups – women, youth, community-based – to understand the local issues that will impact any GI scheme in the regions. But it also means looking at new and novel products, such as cannabis, especially given the drive to legalise cannabis and in particular ‘medical marijuana. By extension, it means recognizing the importance of a development focused approach to the ACP and extending the scope of GIs beyond its current remit which has long-been defined by European values.