Foreign investments: NICA advocates out-of-court settlements

The Nigerian Institute of Chartered Arbitrators (NICArb) has said arbitration and other Alternative Dispute Resolution (ADR) mechanisms should be embraced as parts of the country’s strategy to beat its current economic challenges.

ADRs are more cost-effective and less cumbersome than court processes, which drag on for longer periods.

The Vice President of the Institute, Prof. Fabian Ajogwu, said Nigeria’s ability to attract foreign investments was tied to the efficiency of the dispute resolution mechanism that the country had in place.

Noting that the court system in Nigeria had become overburdened and inefficient due to backlog of unresolved cases, Ajogwu said ADR had become the best option for resolving commercial disputes.

In line with its commitment to popularise the use of ADR in the country, Ajogwu said the NICArb would on November 18, hold the 2016 edition of its annual investiture and award.

The investiture with the theme: ‘International investment transactions and dispute resolution – promoting ADR in Nigeria,’ would hold at the Oriental Hotel, Victoria Island, Lagos.

Scheduled to speak at the event are the President of the Lagos Chamber of Commerce and Industry, Dr. Nike Akande, and the Director-General of the Nigerian Maritime Administration and Safety Agency, Dr. Dakuku Peterside.

Ajogwu said: “A key session of the event will involve an intellectual and practical discourse by invited guests from the academia, judiciary, private and public sectors to share insights and discuss the theme.

“The present harsh economic realities being faced by corporate, public organisations and Nigerians in general have reemphasised the urgent drive by all sectors towards a sustainable and inclusive economic growth. It is imperative that unforeseen impediments like disputes and protracted commercial court cases amongst key stakeholders like foreign investors and Nigerian beneficiaries are addressed at the onset of negotiations in international commercial transactions.”