The International Chamber of Commerce (ICC) Nigeria has recently taken significant steps to deepen the mechanism, including initiatives to promote capacity building and awareness of its activities in Nigeria.
Arbitration has become a crucial mechanism for resolving commercial disputes in Nigeria, and the International Chamber of Commerce (ICC) Nigeria has been at the forefront of promoting and developing arbitration in the country.
“Before now, Africans were considered not to have what it takes like the intellectual capacity to resolve big-time disputes,” Dorothy Ufot, chairman, arbitration commission, ICC Nigeria, said during the quarterly ICC arbitration and ADR members meeting held in Lagos.
He said that international and domestic arbitration is one of the preferred mechanisms for the resolution of business disputes. “Nigeria boasts several highly qualified arbitrators who have also been appointed to very serious complex disputes in oil and gas, construction, telecommunications,” she said
Speaking on the need for a quarterly ICC Nigeria meeting, Ufot said that the commission wants investors coming into Nigeria to leverage the expertise of its members in resolving business disputes whenever the need arises.
“We want Nigerians, Africans to be appointed as arbitrators to resolve African disputes. And again, including international disputes,” she said.
Yemi Candide-Johnson, member, ICC Nigeria, said that arbitration is a natural means of resolving issues, which indigenous communities have leveraged effectively.
According to him, the economy suffers in the long-run when disputes are not resolved effectively and efficiently. “Businesses require that disputes are resolved quickly, effectively, in an efficient manner.”
Speaking further, he said that Nigeria, the necessity of Nigeria’s economy is expanding arbitration infrastructure.
“So, what we’re doing here is creating awareness that larger businesses, a greater number of people, can take pressure off the courts and allow them to resolve disputes in a manner that is simpler, more often and more effective,” Candide-Johnson said.
