The goal of National Arbitration Policy is aimed at making Nigeria the hub of arbitration in Africa and to ensure that Nigeria remains the venue of arbitration for transactions in respect of government contracts especially with foreign entities.
The Solicitor General of the Federation and Permanent Secretary (SGF/PS) Federal Ministry of Justice, Mrs. B. E. Jedy-Agba OON, mni, stated this when she declared open the National Stakeholders’ Consultation with the Arbitration Community on the Proposed National Arbitration Policy which held from 21st to 22nd March, 2023 at Sheraton Hotel, Ikeja, Lagos State.
The SGF who was represented by the Special Assistant to the President on Financial Crimes and Secretary of the Administration of Criminal Justice Monitoring Committee (ACJMC), Mr. Abiodun Ayodeji Aikomo CFE, stated that “the Policy therefore seeks to protect Nigeria’s economy by ensuring that transactions originating and terminating in Nigeria are arbitrated in Nigeria. In order to promote job creation, the policy also seeks to make Nigeria as the seats/venues of arbitration thereby harnessing the talents of Nigerian lawyers who have specialised in arbitration as well as saving the country billions of dollars”.
Jedy–Agba reminded the stakeholders that the journey towards the actualization of a robust National Arbitration mechanism started on 13th October, 2020 when the Honourable Attorney General of the Federation and Minister of Justice Abubakar Malami SAN, CON inaugurated the National Arbitration Committee headed by the erudite Dr. Olisa Agbakoba, SAN, OON, FCI. Abr., as Chairman.
She explained that “the Committee was charged with the responsibility to develop a transformational arbitration policy framework that addresses issues relating to arbitration agreements, government contracts, domestic and foreign contractual relationships and transactions arising or terminating in Nigeria”.
She therefore urged stakeholders at the consultative engagement to consider the draft policy produced by the National Arbitration Policy Committee, make contributions to enrich its contents and improve its quality to effectively serve its stated objectives of promoting and protecting Nigeria’s National Interest. She also expressed optimism that upon approval of the Policy Document by the Federal Executive Council, it would be expected that Federal and State agencies will apply it to curtail the flight of arbitration to other climes.
In his remarks, the Chairman of the National Arbitration Policy Committee, Dr. Olisa Agbakoba, SAN, while appreciating the presence of various arbitration stakeholders, encouraged them to feel free in expressing their views on the Draft Policy Document. An elated Agbakoba maintained that it was an important milestone to finally present the Draft to stakeholders after about two years of assiduously working on it. He urged them to ensure that, at the end of the engagement, a robust National Arbitration Policy would be birthed.
Mrs. Funke Adekoya SAN, an independent arbitrator and litigation consultant, who spoke on behalf of the Arbitration Community, posited that if the synergy between the Executive and Legislative arms of government and the arbitration community continued, Nigeria would soon occupy her pride of place among countries that are arbitration friendly. She equally emphasized the need to ensure the full implementation of the Policy when approved.
Furthermore, the Chief Judge of the Federal High Court represented by Hon. Justice Faji Olayinka advised stakeholders to take into consideration necessary precautions that would ensure that the policy would be less cumbersome.
There were goodwill messages and contributions from participants drawn from Ministries, Agencies and Departments (MDAs), the Judiciary, Regional Centre for International Commercial Arbitration, Nigerian Institute of Chartered Arbitrators, independent arbitrators and the arbitration community.
Aderemi Adelabu
For: Director Information
Federal Ministry of Justice
