Nigerian Institute of Chartered Arbitration (NICA) has urged the federal government to prioritise arbitration in dispute decision.
The Institute lamented that lack of presidency help undermines the worth of arbitration within the nation.
NICA stated arbitration and different Various Dispute Decision (ADR) mechanisms are already being utilized in many business disputes.
Utilizing these mechanisms, the Institute stated, has elevated the convenience of doing enterprise in lots of nations worldwide and considerably boosted their Gross Home Product (GDP).
The Registrar and Chief Govt Officer (CEO) of NICA, Mrs Shola Oshodi-John said this whereas addressing newsmen in Lagos on the Institute’s 2024 convention, investiture, award and celebration of 45 years of excellence.
The theme is: “Transformation and interventions: The evolving developments in Arbitration & ADR apply in Africa.”
The occasion is scheduled to be held from November 28 to 29, 2024 in Lagos.
Oshodi-John said that latest arbitral selections have proven the necessity to pay better consideration to the drafting of funding contracts and defending arbitral proceedings.
“There’s a rising want for public-sector entities to extend native content material in home and worldwide arbitration in Africa,” she stated.
Talking in regards to the convention, Oshodi-John stated the two-day hybrid occasion will deliver collectively ADR specialists to debate vital developments shaping the sphere throughout Africa.
“It’ll embody expert-led discussions, workshops, and networking classes designed to encourage revolutionary approaches to arbitration and ADR.
“Members will delve into the transformative developments and discover alternatives to place Africa as a frontrunner in world arbitration practices.
