By Bianca Iboma-Emefu
The Nigerian Institute of Chartered Arbitrators (NICArb) has urged all levels of government to recognize the significance of a stable and efficient arbitration system and review mediation policies to attract foreign direct investment (FDI).
The call was made during NICArb’s ongoing annual conference at Eko Hotel and Suites, Victoria Island, Lagos.
The institute emphasized the importance of creating supportive public policies, investing in legal infrastructure, and promoting international commerce to bolster Nigeria’s arbitration system.
The two-day conference, themed ‘Transformation and Interventions: The Evolving Trends in Arbitration & ADR Practice in Africa,’ brought together arbitrators and Alternative Dispute Resolution (ADR) practitioners across generations to discuss the evolution of arbitration and ADR in Africa.
Speaking at the conference, Dr. Wale Babalakin (SAN) lauded NICArb for embracing digital processes, which he described as vital for national survival. He noted that while global capital is abundant, Nigeria struggles to attract foreign investors due to weak enforcement of agreements and inefficient dispute resolution mechanisms. Babalakin also highlighted the need for political will and criticized the inadequacies of the country’s education system in preparing legal practitioners.
In her remarks, Funke Aboyade (SAN) addressed the rise of intra-African trade and investment. She pointed out that Africa’s trade with the rest of the world remains minimal at 2% to 3%, and highlighted the African Continental Free Trade Area (AfCFTA) as a crucial initiative to boost intra-African trade and investment. Aboyade also noted the growing trend of African nations developing arbitration and mediation frameworks tailored to their unique experiences, enhancing arbitration practices across the continent.
Professor Yusuf Olaolu Ali, Chairman of the Conference, stated that the event aimed to analyze the transformation of arbitration and ADR practices in Nigeria and globally.
Professor Fabian Ajogwu, President and Chairman of NICArb’s Governing Council, described the conference as a platform to address critical issues affecting arbitration and ADR, advancing its practice in West Africa and beyond.
Mrs. Shola Oshodi-John, Executive Officer/Registrar of NICArb, highlighted that the institute’s 45th anniversary focused on emerging trends in arbitration and ADR, particularly the role of technology in reshaping these practices.
Additionally, Mrs. Dupe Ajayi-Gbadebo, Co-Chair of the conference, was appointed Chairman of the Fundraising Sub-Committee.