Imperative of national policy on arbitration in NigeriaFeatures — The Guardian Nigeria News – Nigeria and World News

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Nigeria generates a significant volume of commercial transactions, both domestic and international with about 80 percent of these transactions originating and or terminating in the country, especially Lagos, Port Harcourt, Kano and others.

Unfortunately, disputes arising from these transactions that are basically Nigerian and can be termed ‘DOMESTIC’ are ultimately arbitrated in foreign countries. The flow of these domestic (i.e. purely Nigerian) arbitration cases to arbitral seats/venues outside Nigeria is unhelpful to Nigeria. It also translates to loss of revenue in billions of dollars to majority of practitioners and revenue generation for Nigeria.

In Nigeria, there is a considerable number of Arbitration Institutions such as the Nigerian Institute of chartered Arbitrators (NICArb), Chartered Institute of Arbitrators UK (Nigeria Branch) Lagos Regional Centre for International Commercial Arbitration (LRCICA), Lagos Court of Arbitration (LCA), Lagos Chamber of Commerce…



Source: Guardian Newspaper