The legal framework for the institutionalisation of international commercial arbitration in Nigeria: a critical review
Considering the need to enhance commercial activities in Nigeria and the indisputable right of international parties to resolve disputes through arbitration, the desire for Nigeria to sign and ratify the New York Convention cannot be over emphasized. Unquestionably, the administration of justice through our regular courts is usually beleaguered with delays for diverse reasons. An attempt to combat these delays and ensure swifter dispensation of justice has seen the emergence of arbitration in its effective use in Nigeria. The need for speed, resulting in more efficiency and economy in contract drafting, has always dominated international commercial transactions. Thus, the need for resorting to arbitration is more compelling considering the lethargic attitude of Nigerian courts to the resolution of sophisticated commercial disputes.
This paper seeks to examine the mechanisms through which there has been an implantation and implementation of international commercial arbitration legal regime in Nigeria. The work attempts a critical analysis of relevant extant laws in use in Nigeria and the effectiveness as well as efficiency of these laws. A detailed explication of the different international legal regime of commercial arbitration has been highlighted with the ultimate aim of adverting Nigerian as bedrock of sustainable resolution of commercial disputes through the instrumentality of arbitration in sub-Saharan Africa. The work thus queries the receptive nature of our national courts towards the enforcement of foreign arbitral award.
Keywords: International Commercial Arbitration, New York Convention, Enforcement, Nigeria