Abstract
When an arbitral agreement freely entered into between a host nation and a financially stronger multilateral foreign organization breaks down, arbitration is the acceptable mode of settlement of the disagreement. This is in line with the Nigerian Arbitration and Conciliation Act, which makes applicable the convention on the Recognition and Enforcement of Arbitral Awards (New York Convention) on awards made in Nigeria arising out of international commercial arbitration. The objective of this paper is to seek a balance between protecting foreign investments and shielding the economies of host States from destruction through award of excessive damages. The doctrinal approach of qualitative research methodology was adopted, which enabled the interrogation of previous literature that deals with the issue of fair compensation and the role equity should play in international investment arbitration. This library-based research focused on analysing primary data such as cases, statutes and conventions and secondary data in text form. The research methodology adopted helped describe and contributed to the understanding of the concept of damages awards in international investment arbitration and the place of equity in awarding damages. The paper concludes that applying equitable principles will help arbitral tribunals arrive at more appropriate equitable damages based on fair compensation. The implication of the study is that international investment arbitration tribunals may intentionally take into account the actual amount of money invested or expended towards a project in quantifying damages thereby endeavouring not to cross the line of fair compensation. Keywords: Damages awards, Equitable principles, Fair compensation, International investment arbitration, Justice DOI: 10.7176/JLPG/81-02 Publication date: November 30 th 2022
Highlights
Water has become an important issue in recent years and the water crisis has become a crucial problem faced by humans in the future (World Economic Forum, 2012)
Research Method This study used a legal research method with a normative juridical approach. This analytical and critical data is needed to be able to find out the issues that occur, as well as revise laws relating to access to utilization of water resources
Utilization of natural resources and water resources Natural resources include all resources found in nature and all systems that can be useful for humans, technology, economics and social (Flavin C., 2002)
Summary
Water has become an important issue in recent years and the water crisis has become a crucial problem faced by humans in the future (World Economic Forum, 2012). Water demand is increasing due to the rising population rate, urbanization, the progress of economic development accompanied by an increase in people's living standards (Unesco, 2014). Hundreds of millions of people live without access to enough water. Occurrences hit all parts of the world regularly which makes millions of lives and livelihoods threatened (Joshua Busby, 2017). The progress of economic development does not pay attention to the preservation of natural resources and natural conditions that can affect the environment and natural resources in it either (Abdoellah, O.S. 2002).
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