Nigeria Aims to Be Global Arbitration Hub, Stakeholders Support

During the International Chamber of Commerce Africa Conference held in Lagos on Thursday, stakeholders endorsed Nigeria's bid to become a global arbitration hub. Attorney General and Minister of Justice Lateef Fagbemi, representing the federal government, reaffirmed the commitment to transform Nigeria into a preferred destination for resolving international commercial disputes.

Fagbemi commended the leadership of the International Chamber of Commerce (ICC) and emphasized the need for Nigeria to attract disputes from outside Africa. Yakubu Maikyau, President of the Nigerian Bar Association, highlighted the importance of creating a conducive legal environment and the establishment of a committee to review Nigeria's national arbitration policy.

The committee aims to identify areas requiring reform to strengthen Nigeria's competitive position as an arbitration-friendly jurisdiction. Dorothi Ufot, former chair of ICC Africa, noted the growth of the conference over the last decade and called for stronger partnerships among African institutions to enhance the continent's influence in global dispute resolution.