Problems of litigation in settlement of maritime disputes for Nigeria today: The preference for arbitration
This study examines the problems of litigation in settlement of disputes in maritime industry in Nigeria, which sector is vital to the nation’s economy. It also investigates the prospects and viability of arbitration technique as an alternative. It is discovered that although litigation has been the most common mechanism for the resolution of disputes including maritime, yet delays in determination of cases, lack of confidentiality, corruption, high pecuniary cost in some cases, and some other problems often lead parties to advert to arbitration. The paper argues that arbitration is preferable to litigation as a result of parties’ autonomy to choose their arbitrators, the applicable laws, and the forum of arbitration. Arbitration too preserves friendship, confidentiality and trade secrets. Above all, the study advocates for arbitration technique due to its speed and win-win result. The paper recommends a proper and sufficient legislative framework for settlement of maritime disputes in and for Nigeria.
Keywords: Maritime arbitration, Litigation, Settlement of Disputes, Law, Nigeria