Nigeria to Establish Tribunal for Business Disputes

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, revealed on Tuesday that the Federal Government intends to establish a specialized commercial dispute resolution tribunal. This tribunal will aim to expedite the resolution of business disputes, which currently average 15 years in the high court, court of appeal, and supreme court.

Oyedele made this announcement during the inauguration lecture at the Capital Market Academy Nigeria's second biennial conference in Abuja, themed "Nigerian Capital Market: Catalyst for Equitable Inclusive Growth." He emphasized that the tribunal would complement existing investment protection mechanisms and provide a faster avenue for resolving commercial disagreements, which often delay investments and weaken investor confidence. Oyedele also urged a reconsideration of public borrowing perceptions, arguing that debt should be viewed in terms of its capacity to generate sustainable economic returns.

He identified the need for stronger institutional frameworks and credible judiciary systems to attract long-term capital investments.