NICArb Pushes For Arbitration Reform To Boost Foreign Investment
The Nigerian Institute of Chartered Arbitrators (NICArb) has called on all tiers of government to prioritize reforms in arbitration and mediation policies to attract foreign direct investment (FDI).
This advocacy was a key highlight of NICArb’s annual conference, currently taking place at Eko Hotel and Suites, Victoria Island, Lagos.
The two-day event, themed ‘Transformation and Interventions: The Evolving Trends in Arbitration & ADR Practice in Africa’, brought together arbitration and Alternative Dispute Resolution (ADR) experts from across the continent.
Dr. Wale Babalakin (SAN), speaking at the conference, stressed the critical role of an efficient arbitration system in attracting foreign investors. He pointed out that despite abundant global capital, Nigeria continues to face challenges due to weak enforcement of agreements and an inefficient dispute resolution framework. Babalakin also emphasized the need for stronger political will and improvements in legal education to enhance arbitration practices.
Funke Aboyade (SAN) highlighted the growing opportunities in intra-African trade and investment, noting that Africa’s trade with the world accounts for just 2% to 3%. She underscored the potential of the African Continental Free Trade Area (AfCFTA) to drive trade within the continent and praised the increasing adoption of arbitration frameworks tailored to African contexts.
Professor Yusuf Olaolu Ali, Chairman of the conference, said the event aims to explore the evolution of arbitration and ADR practices both locally and globally. Professor Fabian Ajogwu, NICArb President, described the conference as a critical platform for addressing issues affecting arbitration and ADR in West Africa.
Marking its 45th anniversary, NICArb is focusing on the transformative role of technology in arbitration. Mrs. Shola Oshodi-John, Executive Officer/Registrar of NICArb, noted that technological advancements are reshaping the landscape of ADR.
Additionally, Mrs. Dupe Ajayi-Gbadebo, Co-Chair of the conference, was appointed Chairman of the Fundraising Sub-Committee.
NICArb emphasized the need for supportive public policies and investments in legal infrastructure to strengthen Nigeria’s arbitration system. The institute believes these reforms will not only enhance dispute resolution but also position the country as a favorable destination for foreign investment.
