A Critical Analysis of Arbitration as an Instrument for Resolving Commercial Dispute in Nigeria

Abstract

This paper is a critical analysis of arbitration as an instrument for resolving commercial dispute in Nigeria. The Nigerian courts considering the precarious situation finds itself in the dispensation of justice moreso in the resolution of commercial disputes. The works examine the concept of arbitration, overview of alternatives dispute resolutions (ADR), the legal and institutional framework for the regulation of arbitration in Nigeria, types of arbitration among others. The work underscored the prospects and future of arbitration in the areas of party autonomy, third party funding, and online arbitration, the availability of injunctions and interim reliefs within the framework of arbitration and the upsurge of arbitral institutions. The paper recommends that for arbitration to be properly harnessed and enhanced all hands must be on deck – the parties, the courts, counsel all have a role to play.