FG Moves to Position Nigeria as Global Arbitration Hub, Reviews National Policy

Nigeria is actively working to establish itself as a premier destination for international commercial arbitration, signaling a strategic move to bolster its legal and institutional framework. The federal government aims to attract dispute resolution business from across Africa and the globe, positioning the country as a preferred seat for arbitration.

Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, announced these plans at the 10th ICC Africa Conference on International Arbitration in Lagos. He emphasized the government's commitment to creating a conducive environment for arbitration, attracting commercial disputes involving parties from various continents.

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The objective is to attract disputes not only from within Africa but from across the globe to Nigeria as a preferred seat of arbitration.

As part of these efforts, a committee has been formed to review Nigeria's national arbitration policy. Chaired by former President of the Nigerian Bar Association, Mr. Yakubu Maikyau, SAN, the committee is also examining the implementation of the Arbitration and Mediation Act. The goal is to identify areas for reform that will enhance investor confidence and reinforce Nigeria's reputation as an arbitration-friendly jurisdiction.

Maikyau, representing the Attorney General, assured conference delegates that recommendations and resolutions from the event would receive serious consideration. He stated the commitment to ensuring that these outcomes are effectively implemented. The conference itself served as a vital platform for stakeholders to advocate for greater African participation and influence in the global arbitration landscape, with ICC Africa Chair Mrs. Dorothy Ufot, SAN, noting the forum's significant role in amplifying the continent's voice.

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The Attorney General is committed to using the instrumentality of his office to ensure that whatever resolutions and recommendations emerge from this conference are given effect.