By Lukman Olabiyi
The Nigerian Institute of Chartered Arbitrators (NICArb) has called for the widespread adoption of arbitration as a key alternative dispute resolution (ADR) mechanism in Nigeria, highlighting its numerous benefits for the nation’s business and legal environment.
Speaking at a press conference to announce the institute’s upcoming Annual conference and its 45th anniversary celebration, NICArb’s Registrar/CEO, Shola Oshodi-John, along with the chief operating officer, Williams Odah and Modupe Ajayi Gbadebo, the organizing committee co-chairperson, emphasized the importance of arbitration in promoting economic growth and stability.
According to Oshodi-John, embracing arbitration can enhance the efficiency, reliability, and attractiveness of Nigeria as a jurisdiction for resolving disputes. This, she argued, would not only benefit local businesses but also attract international investors, ultimately fostering economic development.
The NICArb annual conference, investiture, and awards ceremony, which will also mark the institute’s 45th anniversary, are scheduled to take place from November 28 to 29, 2024, at the Eko Hotel & Suites, Lagos.
The event, themed “Transformation and Interventions: The Evolving Trends in Arbitration & ADR Practice in Africa”, will bring together legal experts, business leaders, and stakeholders in the field of arbitration.
In support of this initiative, Gbadebo, the co-chairperson of the organizing committee, noted that a well-established arbitration system, backed by institutions like NICArb, would build greater confidence among foreign investors and business partners, positioning Nigeria as a competitive and reliable market for international trade.
NICArb’s Chief Operating Officer, Odah, also revealed that over 1,500 individuals trained by the institute will be inducted as new members, further expanding the network of qualified arbitrators in Nigeria.
—