Why Nigeria is pursuing alternative business resolutions- Osibanjo

Vice President, Yemi Osinbajo, on Thursday said Nigeria is pursuing Alternative Dispute Resolution (ADR) and creating the necessary infrastructure which will enhance the speedy resolution of business related disputes, as part of measures to attract foreign investors.

Osinbajo stated this while answering questions during a virtual interaction with members of the French Business Confederation (MEDEF), an event that also featured representatives of several top French companies and officials from both governments of Nigeria and France.

The Vice President who was addressing specific concern on the resolution of commercial disputes in Nigeria, said “Nigeria has a robust judiciary and most companies engage some of the best lawyers in Nigeria, many of whom are internationally acclaimed.”

According to him, “our courts, the commercial courts are doing well. Sometimes there may be delays in the length of time that it may take to resolve disputes which is why arbitration is the preferred mode of resolving disputes. And am sure that most companies have an arbitration clause in their agreements and contracts.

“Alternative Dispute Resolution is something that we are promoting as a government and we are trying to create infrastructure for it. And I know that most businesses don’t even want to go to court. They will rather resolve their disputes through commercial arbitration. And that is an area we are looking to explore in greater detail.”

“I will say that Alternative Dispute Resolution such as arbitration and mediation should always be in contracts especially where companies may be wary of going through the legal process that may be long-drawn. I think that on the whole, the resolution of commercial disputes is one that we have done quite well. And I am very confident that the Federal High Courts, especially in the commercial nerve centres in the country – Lagos, Port Harcourt and Kano are doing a decent job.”

Osibanjo who also spoke on Nigeria’s terms of doing business competitiveness, noted the efforts made by the Buhari administration across diverse areas of creating a conducive business environment is yielding results.

According to him, the generality of the Ease of Doing Business reforms comprising improvement in port operations, checking of smuggling, and the adoption of a common trading platform had improved Nigeria’s competitiveness.

On government’s investment in education, the Vice President said though basic education falls under the jurisdiction of the States, the Federal Government had introduced and is enforcing a policy on free and compulsory education in the first nine years of the Nigerian child’s life.

He said the Federal Government’s emphasis is also to modernize education by prioritizing Science, Technology, Engineering, Arts and Mathematics (STEAM).

In the health sector, Osinbajo told the French business community that the Federal Government was supporting and monitoring developments in the States through the National Economic Council (NEC), noting that the Federal Government, in collaborating with State governments is encouraging best practices in the Education and Health sectors.

He cited the example of the privately built power plant in Edo State, adding that the Federal Government welcomes new investments in the power sector especially ones that will connect directly with the end consumers on willing buyer-willing seller basis.

“We really want as many private companies as possible to come on stream. We prefer that new companies do not come on the grid and expect government guarantees. We will be happy to have new investments in generation and distribution.”