A review of the major gaps in the arbitration and conciliation act

Abstract

The Arbitration and Conciliation Act governs both domestic and foreign arbitration in Nigeria. As the mandatory law of arbitration in the country, its provisions have a lot of implications for how arbitration is conducted in Nigeria. It is therefore in the interest of the parties and the nation at large that the provisions of the Act are reflective of the modern thinking in the realm of arbitration. Since its promulgation as a decree about 23 years ago, major trends have emerged in the realm of arbitration that has made some of the provisions of the Act obsolete. This paper, therefore, identifies the possible gaps in the Arbitration and Conciliation Act. The aim is to recommend probable actions that will close such gaps and make the Act a useful tool in dispute resolution and not a stumbling block. It adopts a doctrinal research approach with emphasis on the review of case law, literature, internet sources, conventions, rules, reports, and legislations which are considered essential in giving effect to the paper. It found that certain provisions of the Act especially as it relates to international commercial arbitration are not adequate in terms of what they provide for and therefore recommend necessary amendments to the identified provisions of the Arbitration and Conciliation Act Cap. A18 Laws of the Federation of Nigeria.