Harnessing Foreign Investments with Environmental Sustainability in Nigeria's Oil and Gas Sector: Legal Issues and Solutions

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).