Nigeria needs stronger support to attract arbitration business – NICArb

The Nigerian Institute of Chartered Arbitrators (NICArb) has emphasized the need for stronger government support, ongoing professional development, and increased technological utilization to bolster arbitration and alternative dispute resolution (ADR) in Nigeria. These measures are aimed at bolstering public trust in arbitration, drawing more commercial disputes to the country and establishing Nigeria as a favored venue for domestic and international arbitration.

During a meeting with Punch Nigeria Limited in Lagos, NICArb's Chief Operating Officer, Williams Odah, stated that the institute was in search of continuous media backing for its annual conference, set for November 18-19. Former President Olusegun Obasanjo will be the special guest of honor, while former Vice-President Yemi Osinbajo (SAN) will deliver the keynote address.

NICArb is also striving to provide opportunities for young practitioners to gain hands-on experience in arbitration by handling cases and is contemplating enabling younger practitioners to deal with smaller claims, particularly those involving small and medium-sized enterprises.

The institute highlighted the Arbitration and Mediation Act as a source of further support for arbitration and other ADR methods in Nigeria. Odah further discussed the institute's exploration of technology, including virtual hearings and artificial intelligence, to boost arbitration's efficiency and accessibility, while maintaining its credibility.

The Secretary of the Lagos State branch of NICArb, Ms. Peace Adeleye, emphasized that the conference's primary focus would be on enhancing Nigeria's attractiveness for arbitration. She pointed out that parties in international disputes often prefer jurisdictions like London and suggested that Nigeria needed to address the factors contributing to this preference.

Adeleye stressed that integrity was crucial to arbitration's effectiveness, with parties requiring confidence in fair dispute resolution and the enforceability of awards to boost foreign investment.