The Legal Framework For The Institutionalisation Of International Commercial Arbitration In Nigeria: A Critical Review

Abstract

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.