ECOWAS COMMON INVESTMENT CODE (ECOWIC)

A Code that harmonises investment laws and standards across ECOWAS member states. It targets intra-regional and foreign investors, as well as governments and tribunals in West Africa. This creates a predictable environment to attract sustainable foreign direct investment.

What Is This Policy?

A proposed regional investment code that would harmonise investment laws, standards, and procedures across all ECOWAS member states into a single common framework.

Who Does It Target?

Intra-regional and foreign investors in West Africa ECOWAS member state governments and legislators Investment tribunals and arbitration bodies Regional integration institutions

What Does It Aim to Achieve?

Create a predictable, harmonised, and investor-friendly legal environment across the ECOWAS region to attract more sustainable foreign direct investment and promote intra-regional investment.

Key Features

Harmonised Standards: Proposes common minimum standards for investor protection, investment registration, and corporate governance across ECOWAS. Dispute Resolution: Establishes a regional investment dispute resolution mechanism accessible to investors from any member state. Most Favoured Treatment: Grants investors from ECOWAS member states treatment no less favourable than the most favoured foreign investor. Sustainable Investment: Embeds environmental, social, and governance (ESG) requirements within the investment framework.

Current Status

Rollout Stage: Under development and negotiation among ECOWAS member states Coverage: Proposed for all 15 ECOWAS member states Beneficiaries: Regional investors; ECOWAS economies Funding: ECOWAS Commission; donor support for regional integration

How to Access

Pending full adoption; currently governed by national investment laws supplemented by ECOWAS Investment Policy Application method: Monitor ECOWAS Commission website for updates on adoption status.

Important Terms

Code not yet in force; national investment laws continue to apply Member states may require legislative amendment upon adoption ESG compliance obligations would apply to all investments upon code's entry into force

Official Resources

Website: https://www.ecowas.int Contact: ECOWAS Commission

Legal Framework

Proposed under the ECOWAS Treaty 1993, which provides the institutional and legal foundation for ECOWAS legislative acts. The ECOWIC draws on the AU Principles on Investment, the AU Code of Conduct for Inter-African Investment, and UNCTAD investment treaty principles. In Nigeria, domestication would proceed under Section 12 of the 1999 Constitution. The Nigerian Investment Promotion Commission (NIPC) Act 1995 provides the current national investment framework.