The center made the call in a release signed by its Director, Mrs Priscilla Ogwemoh, adding that the absence of this policy is a drain on the country’s economy and a colossal waste of the country’s revenue. “Arbitration and Alternative Dispute Resolution are crucial factors to investment development and economic growth and have become international best practices resorted to in resolving corporate disputes of various magnitudes. “Nigeria generates a significant volume of commercial transactions (both domestic and international with about 80 percent of these transactions originating or terminating in Lagos. Unfortunately, dispute arising from these transactions are ultimately arbitrated in foreign countries. The flow of “domestic” (i.e. purely Nigerian) arbitration cases to arbitral venues outside Nigeria is unhelpful to Nigeria’s plan for economic empowerment, wealth creation and development. This means colossal loss of revenue to diverse experts and professionals and not just lawyers,” the statement said. According to the arbitration center, there is now an urgent need to promote and support a national initiative on Arbitration n order to promote Arbitral Institutions, Legislation and Practice Culture in Nigeria. “The law firm of Olisa Agbakoba Legal through its arbitration arm, Olisa Agbakoba Arbitration and Mediation Center, proposes and will work with relevant stakeholders to promote a National Arbitration Policy Dialogue with the objectives to review the existing framework for arbitration and recommend appropriate legal, institutional and regulatory frameworks based on international best practices obtainable in developed economies. Other objectives according to the center includes; advocacy for the adoption of State Uniform Arbitration Bills, drafting a Basket of Bills promoting arbitrationas an instrument of dispute resolution, designing an annual national program in form of conference or workshop on development of arbitration and promoting adoption by government of the Federal Republic of Nigeria of the policy of inserting domestic arbitration clauses in all federal government agreements. It concluded that, there is no doubt that arbitration is the preferred dispute resolution mechanism for corporate and commercial disputes and an important tool for economic development. A National Arbitration Policy is desirable to position Nigeria as a hub of arbitration in sub Saharan African and a choice of investment center.]]>

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