The Chief Justice of Nigeria, Justice Walter Onnoghen,has said that the judicial system is not crafted to ensure peace and persons who seek peaceful resolutions should turn to the formal system of arbitration. He made this statement at the Annual General conference of the Chartered institute of Arbitrators, held in Abuja.
The African arbitration landscape has been a beehive of activity in recent times.
Given the pace of foreign investment on the continent, the demand for international arbitration is expected to rise.
With increasing economic activity on the continent, several jurisdictions are vying to become arbiter hubs, recognizing the nexus between an effective dispute resolution system and economic development.
Achieving this end, however, entails the cultivation of a sustainable business and legal environment.
Arbitration is seen as a way of decongesting the court room and ensuring contextual and habitual relationships are respected. Governments play a critical role in this regard.
They must make their cities attractive business venues, with modern infrastructure and accessible and credible courts, which address issues of corruption and ensure security of lives and property.
Participants at this event will discuss the use of mediation as a viable method for preventing and resolving commercial disputes, with a view to sustaining an environment for economic development.