Stakeholders back Nigeria’s bid to become global arbitration hub

The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN). Photo: Ministry of Justice

Stakeholders in Africa’s dispute resolution sector have called for a stronger African presence in the global arbitration landscape, while endorsing efforts to position Nigeria as a preferred destination for resolving international commercial disputes. The call was made on Thursday at the 10th International Chamber of Commerce, Africa Conference on International Arbitration held in Lagos, where the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), reaffirmed the Federal Government’s commitment to transforming Nigeria into a leading arbitration hub. Represented by former President of the Nigerian Bar Association, Mr Yakubu Maikyau (SAN), the AGF said the Federal Government was focused on creating the legal and institutional environment needed to attract international commercial disputes to Nigeria. Fagbemi commended the organisers and extended his goodwill to the leadership of the International Chamber of Commerce, the ICC International Court of Arbitration, ICC Nigeria, and participants at the conference. He assured delegates that recommendations arising from the conference would receive serious attention from his office. “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,” Maikyau said on AGF’s behalf. According to him, a key objective of the Federal Government is to establish Nigeria as a preferred seat for arbitration and other forms of alternative dispute resolution. “The objective is to attract disputes not only from within Africa but from across the globe to Nigeria as a preferred seat of arbitration,” he stated. To achieve this goal, Fagbemi disclosed that the Federal Government had constituted a committee to review Nigeria’s national arbitration policy. The committee, chaired by Maikyau, is also examining the implementation of the Arbitration and Mediation Act to identify areas requiring reform and strengthen Nigeria’s competitiveness as an arbitration-friendly jurisdiction. Earlier, Chair of ICC Africa, Prof Dorothy Ufot (SAN), reflected on the growth of the conference over the last decade, describing it as one of the continent’s most influential platforms for advancing international arbitration and dispute resolution. She said the conference had played a significant role in amplifying Africa’s voice within the global dispute resolution community and fostering collaboration amo