Nigeria is to sign an agreement with its southern neighbor Sao Tome and Principe on the reciprocal protection of investments, local media reported on Thursday.

Nigerian Minister of Information and National Orientation Frank Nweke said the agreement "is to protect mutual investments by nationals and corporations from both nations."

The Federal Executive Council on Wednesday mandated Nigerian Ministry of Industries to sign the pact, according to Nweke.

Nigeria is a party to an agreement on the joint exploration of oil resources with Sao Tome and Principe.

The country has signed the agreements with 25 nations, including Finland, the latest one signed with in July last year.

Source: Xinhua