Benue State University, Makurdi

Interrogating the Potency of Arbitration as a Means of Commercial Dispute Settlement in Nigeria.

Nathaniel Ejeh*

Abstract

In every human relation, be it social or commercial the fact of conflict arising thereof is certain and the natural thought or instinct is to proceed to court to litigate with a view to seek redress. However, litigation is impersonal and can burn bridges, more stress, in anxiously waiting for the lawsuit to commence and end. Hence a need for a different approach which is found in an aspect of alternative dispute resolution (ADR)-arbitration. The idea of alternative dispute resolution is multifaceted but it can be tailored to meet the specific need of a disputant. Some of the forms include but are not limited to mediation, conciliation, negotiation and Arbitration. This article analyses the concept of arbitration as an aspect of ADR with a view to advocate for its wider usage in commercial agreements and transactions as opposed to litigation in Nigeria. The pros and cons of this method of settling commercial disputes and the legal framework that creates it vis a vis the most recent Arbitration and Conciliation Act 2023.

DOWNLOAD COMPLETE ARTICLE HERE (CLICK)