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A CASE FOR THE ESTABLISHMENT OF COURTS OF ARBITRATION IN NIGERIA
Abstract:
This research study explores the imperative need for the establishment of dedicated Courts of Arbitration in Nigeria. The Nigerian legal landscape is confronted with a growing backlog of cases, prolonged litigation processes, and a perception of judicial inefficiency, all of which pose substantial challenges to the country’s economic growth and development. This paper argues that introducing specialized Courts of Arbitration can significantly enhance the resolution of disputes and promote investment.
The research investigates the current state of dispute resolution in Nigeria, highlighting the shortcomings of the traditional court system, such as delays, high costs, and limited expertise in complex commercial matters. It also examines the existing framework for arbitration in Nigeria and assesses its adequacy in meeting the demands of modern commerce.
Furthermore, the study explores successful international models of specialized arbitration courts and their impact on economic development. By drawing lessons from countries with established arbitration courts, such as Singapore and Dubai, Nigeria can adapt and implement a similar framework tailored to its unique legal and economic context.
The research will involve a comprehensive analysis of the legal and regulatory reforms necessary for the establishment of Courts of Arbitration in Nigeria. It will also consider the potential benefits, including attracting foreign investment, reducing the burden on traditional courts, and enhancing the ease of doing business in the country.
Ultimately, this study aims to provide evidence-based recommendations to policymakers, legal practitioners, and stakeholders in Nigeria’s justice system. The establishment of specialized Courts of Arbitration has the potential to not only expedite dispute resolution but also contribute to Nigeria’s economic growth, making it a more attractive destination for domestic and foreign investors.
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