COMMERCIAL ARBITRATION IN NIGERIA: AN INTRODUCTION[1]
BY ADAEZE SAMUEL [2] Source: Google 1. INTRODUCTION Federal Republic of Nigeria being a major commercial hub in West Africa utilizes both domestic and international commercial arbitration in dispute resolution. Commercial activities in various sectors of the economy have increased the need for faster dispute resolution mechanisms. Arbitration is a mechanism for settling disputes. In a survey taken of Supreme Court of Nigeria it takes an average of six years for contested cases to go from filing to judgement [3] . Litigation is the most established form of dispute resolution in Nigeria. It has proven to be time consuming and expensivewhich is not beneficial to parties of a commercial dispute. Domestic arbitration is a procedure for settling dispute within a particular state or country. Within domestic jurisdiction arbitration is a dispute resolution mechanism. However in the international sphere arbitration is regarded as the most preferred form o