Stakeholders back Nigeria’s bid to become global arbitration hub

Africa's dispute resolution sector is advocating for a more prominent role on the global stage, with Nigeria making a concerted effort to position itself as a leading hub for international commercial arbitration. This push was a central theme at the 10th International Chamber of Commerce, Africa Conference on International Arbitration held in Lagos.

The Nigerian government, represented by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has reaffirmed its commitment to creating the necessary legal and institutional framework to attract global disputes. Fagbemi assured delegates that recommendations from the conference would be seriously considered, emphasizing the goal to make Nigeria a preferred seat for arbitration not just within Africa but worldwide.

“

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

To bolster this ambition, a committee has been formed to review Nigeria's national arbitration policy and examine the implementation of the Arbitration and Mediation Act. This review aims to identify areas for reform and strengthen the country's appeal as an arbitration-friendly jurisdiction. The International Chamber of Commerce (ICC) Africa Chair, Prof Dorothy Ufot, highlighted the conference's growth over a decade, recognizing its role in amplifying Africa's voice in global dispute resolution and fostering collaboration among stakeholders.

The initiative reflects a broader desire within the continent to enhance its capacity and influence in international commercial dispute resolution, moving beyond being a mere recipient of global arbitration practices to becoming a significant player and destination.

“

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.