Nigeria Aims to Become Global Hub for International Arbitration
The Nigerian Federal Government is intensifying efforts to position the country as a premier destination for international commercial arbitration. This initiative focuses on enhancing Nigeria’s legal and institutional framework to attract global dispute resolution business.
Prince Lateef Fagbemi (SAN), the Federation’s Attorney General and Minister of Justice, launched this initiative during the 10th ICC African Conference on International Arbitration held in Lagos. The conference gathered distinguished arbitration experts, legal professionals, policymakers, and business leaders to explore the future of dispute resolution in Africa.
Represented by former President of the Nigerian Bar Association (NBA), Mr. Yakubu Maikyaw (SAN), Fagbemi emphasized the Federal Government’s commitment to establishing an environment that would not only make Nigeria a leading arbitration hub in Africa but also on a global scale.
One of the government’s primary goals is to position Nigeria as the preferred venue for arbitration and alternative dispute resolution. This would involve attracting commercial disputes from various regions, including Africa, Europe, Asia, and the Americas.
Fagbemi noted that a commission has been formed to review Nigeria’s national arbitration policy as part of a broader strategy to bolster the nation’s competitiveness in the global dispute resolution landscape. Under Maikyaw’s chairmanship, the committee is also assessing the implementation of the Arbitration and Conciliation Act to identify necessary reforms that would enhance investor confidence and Nigeria’s reputation as a friendly jurisdiction for arbitration.
Maikyaw reiterated the aim to draw not only disputes from Africa but from across the world to Nigeria, establishing it as a preferred arbitration seat. He commended the conference organizers and extended his appreciation to the leaders of the International Chamber of Commerce (ICC), the ICC International Court of Arbitration, and participants from various regions.
The conference provided a vital platform for stakeholders advocating for increased African participation and influence in the global arbitration arena. ICC Africa Chair, Mrs. Dorothy Ufot (SAN), reflected on the event’s growth over the past decade, highlighting its significance as one of Africa’s most pivotal forums for international arbitration and dispute resolution.
Ufot emphasized the conference’s role in promoting collaboration among lawyers, businesses, arbitration institutions, and policymakers, striving to amplify Africa’s voice in global dispute resolution discussions. He acknowledged the evolution of international dispute resolution driven by shifts in global trade and investment patterns, stressing that African institutions must remain competitive and relevant.
During his speech, NBA President, Mazi Afam Osigwe (SAN), noted the remarkable progress Africa has made in legal education, arbitration, and alternative dispute resolution. However, he pointed out that many commercial disputes arising from intra-African transactions continue to be resolved outside the continent, hampering Africa’s ability to influence global dialogues on dispute resolution.
Osigwe asserted that Africa possesses the requisite expertise, institutions, and human resources to effectively resolve complex international commercial disputes. He urged stakeholders to position Africa not only as a source of commercial disputes but as a viable destination for their resolution, warning that exporting disputes while importing solutions undermines the continent’s influence in international commercial arbitration.
He concluded by calling on participants to celebrate Africa’s successes in arbitration, law reform, and judicial support for alternative dispute resolution, rather than solely focusing on the challenges. Osigwe expressed optimism that the discussions during the conference would further instill confidence in African arbitral institutions, showcasing the continent’s capacity to resolve complex international disputes efficiently and professionally.
