Finance Minister Proposes Digital Dispute Tribunal in Nigeria

On Tuesday, during the inauguration lecture for fellows of the Capital Market Academics of Nigeria at their second biennial conference in Abuja, Mr. Taiwo Oyedele, the Finance Minister, proposed the creation of a specialized commercial dispute resolution tribunal.

This tribunal aims to fast-track the resolution of business disputes, which currently take an average of 15 years to resolve through the high court, court of appeal, and supreme court. The prolonged litigation creates uncertainty and significantly increases the cost of doing business in Nigeria.

Oyedele's proposal includes a dedicated tribunal staffed by judges and arbitrators with expertise in commercial and financial capital market matters, utilizing a digital case management system with mandatory timelines to ensure swift resolutions. He emphasized that this tribunal would complement existing investment protection mechanisms and is essential for fostering growth in the capital market.

Oyedele also urged a reconsideration of public perceptions regarding borrowing, arguing that debt can be a financial tool for economic growth when used wisely.