NICA Advocates For Arbitration As Key To Nigeria’s Economic Growth
The Nigerian Institute of Chartered Arbitrators (NICA) has urged Nigerians to embrace arbitration as a vital alternative dispute resolution (ADR) method, emphasizing its potential to enhance the nation’s business and legal environment.
At a press briefing announcing NICA’s upcoming annual conference and its 45th-anniversary celebration, Registrar/CEO Mrs. Shola Oshodi-John highlighted arbitration’s role in fostering economic growth and stability. Joined by the institute’s Chief Operating Officer, Williams Odah, and organising committee co-chairperson, Modupe Ajayi Gbadebo, Oshodi-John explained that arbitration offers efficiency, reliability, and global appeal for dispute resolution.
“Arbitration enhances Nigeria’s attractiveness as a jurisdiction for resolving disputes, benefiting local businesses and drawing international investors. This directly supports the nation’s economic development,” Oshodi-John stated.
The NICA annual conference, themed *“Transformation and Interventions: The Evolving Trends in Arbitration & ADR Practice in Africa,”* will be held from November 28–29, 2024, at Eko Hotel & Suites, Lagos. The event will feature legal experts, business leaders, and stakeholders discussing the evolution of arbitration in Africa.
Gbadebo emphasized that a robust arbitration system, backed by institutions like NICA, would boost foreign investors’ confidence, making Nigeria a competitive and reliable market for international trade.
NICA’s Chief Operating Officer, Odah, also announced that over 1,500 individuals trained by the institute would be inducted as new members during the conference, expanding Nigeria’s pool of qualified arbitrators.
The institute remains committed to promoting arbitration as a transformative tool for dispute resolution, with far-reaching benefits for Nigeria’s economy and its global standing.
