Nigeria – finance

he Nigeria NAP provides a list of existing constitutional obligations, domestic legislation, internation obligations, and police and administrative steps. This breakdown only looks at the list of challenges and the implementation of the 3 pillars of the UNGPs.

8.6 CHALLENGES
“a. Casualisation of employment, especially in the oil and gas sector as well as the telecommunications, banking and financial services sectors.” (p.154)
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PILLAR 1 – STATE DUTY TO PROTECT HUMAN RIGHTS
ACTIONABLE ITEMS
C. DUE DILIGENCE FOR HUMAN RIGHTS
“Regulatory bodies and agencies shall endure the conduct of Human Rights Due Diligence and Human Rights Impact Assessment in all business operations.

The Central Bank of Nigeria shall ensure that in every loan agreement in all banks, as part of the conditions for the loan facility, there is a clause that spells pout that the loan receiver for business is under obligation to respect human rights in all operations.

Similarly, specialized banks and other financial institutions such as Bank of Agriculture, bank of Industry, and Nigerian Agricultural Insurance Corporation etc. must ensure that as part of their risk assessment and due diligence the client must show that it has a human rights policy and that it has taken measures to conduct human rights due diligence and human rights impact assessment.” (p.158)

J. RESETTLEMENT
“Efforts will be made to minimize the negative impact of resettlement. Emphasis must be on the livelihood system of affected communities. Under business and human rights, Nigeria’s handling of the resettlement of Bonny and Finima during the construction of the Nigeria Liquefied Natural Gas Project has been acknowledged as a best practice case study. Where resettlement for business becomes necessary, government and investors will be guided by best practices such as the Principles of Resettlement enunciated by the African Development Bank and the Asian Development Bank.” (p.159)