Singapore formalises investment pacts with two West African states

The agreements are intended to enhance certainty and security for investors from all three countries.

Bilateral investment treaties (BITs) between Singapore and two West African countries, Nigeria and Côte d’Ivoire, have officially entered into force, aimed at strengthening legal protections for cross-border investments and supporting economic cooperation.

The announcement was made by Minister-in-charge of Trade Relations Grace Fu at the 8th Africa Singapore Business Forum.

According to the Ministry of Trade and Industry (MTI), the agreements are intended to enhance certainty and security for investors from all three countries by outlining rules for fair treatment, capital transfers, and dispute resolution.

The Nigeria-Singapore BIT was signed in 2016 and came into effect on 22 August 2025 after both countries completed their domestic ratification processes.

Nigeria is currently one of Singapore’s top 10 trading partners and investment destinations in Africa, with bilateral goods trade totaling $923.8m in 2024 and Singapore’s direct investment stock in Nigeria reaching $3.9b as of end-2023.

The Côte d’Ivoire-Singapore BIT, signed in 2014, entered into force on 26 August 2025. Côte d’Ivoire is a significant agricultural exporter and is seen as a potential hub for Singapore businesses in West Africa.

Bilateral goods trade between the two countries reached $185.8m in 2024, whilst Singapore’s investment in Côte d’Ivoire stood at S$730 million at the end of 2023.

Under the terms of the treaties, Singapore investors in both Nigeria and Côte d’Ivoire will be entitled to national treatment, protection against expropriation, free capital transfers, and the option of resolving disputes through international arbitration.

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