FORMER President of the Nigeria Bar Association, Dr‎ Olisa Agbakoba (SAN) has called for the creation of Arbitration Policy and Mediation Centre in the country.

The legal luminary said such centre when established would foster the growth and development of the economy so as to reduce expenses used to employ foreign arbitrators to resolve disputes within.

In his statement signed by the director, Mrs. Priscilla Ogwemoh and the assistant director, Victor Nwakasi, Agbakoba said, “Nigeria generates a significant volume of commercial transactions (both domestic and international) with about 80 percent of these transactions originating and terminating in Lagos.”

He said disputes arising from these transactions are taken outside the country where they are arbitrated.
“This is not helpful to the growth of the country as it is a loss of revenue to foreign experts and professionals, thus the urgent need for creation ‎of arbitration policy and mediation center,” he stated.
   
Olisa also added that in order to achieve this, there is a need to create arbitral institution, legislation and cultural practices in Nigeria.

His words: “Through this Arbitral Institution and Mediation Center together with fitting stakeholders that is going to promote a national arbitral center through some objectives.”

According to him, the objectives include reviewing the existing framework for arbitration and recommend appropriate legal, institutional and regulatory frameworks based on international best practices obtainable in developed economies.