The Nigerian Institute of Chartered Arbitrators has urged President Muhammadu Buhari to give his assent to the Arbitration and Mediation Bill passed by the National Assembly in May.
Ahead of its Annual Conference, it says the law, once it becomes effective will be transformational in dispute resolution in Nigeria.
After about 17 years of efforts to transform the alternative dispute resolution landscape in Nigeria through an enabling law, the Nigerian Senate passed the Arbitration and Mediation Bill in May 2022.the NICARb says once the President assents to the Bill, it will increase Nigeria’s attractiveness as an ADR hub in Africa.
This issue will be among several other topics that will be discussed at the annual conference of the
Nigerian Institute of Chartered Arbitrators’ slated for November 24th and the 25th.
The organizers says The theme – The Future of Arbitration and ADR in Africa: Developments and Sustainability. Reflects the need to leverage the great potential which this dispute mechanism offers.
Observers say Alternative dispute resolution in Nigeria and Africa is still at a very low level and they are advocating the need for the full use of Arbitration and other related options especially in this era of digital technology and its emerging trends.
Experts in the Legal Profession have for sometime called on States and the Federal Government to adopt the use of arbitration to address the backlog of Court cases that currently litter the nations’ several courts making the dispensation of Justice a Labourious and unnecessarily long process.
The use of Arbitration which is now institutionalised in the Lagos State Judiciary has been cited by many observers as a very fast efficient and Cost effective way of settling disputes as against the current process where cases take as much as 20 years and over in some cases.
Its been proven time and again in cases involving even the Federal Government.