Nigerian Institute of Chartered Arbitration (NICArb) has urged the government to prioritise arbitration in dispute resolution.

The Institute lamented that lack of government support undermines the value of arbitration in the country.

NICArb said arbitration and other Alternative Dispute Resolution (ADR) mechanisms are already being used in many commercial disputes.

Using these mechanisms, the Institute said, has increased the ease of doing business in many countries worldwide and significantly boosted their Gross Domestic Product (GDP).

The Registrar and Chief Executive Officer (CEO) of NICArb, Mrs Shola Oshodi-John stated this while addressing newsmen in Lagos on the Institute’s 2024 conference, investiture, award and celebration of 45 years of excellence.

The theme is: “Transformation and interventions: The evolving trends in Arbitration & ADR practice in Africa.”

The event is scheduled to be held from November 28 to 29, 2024 in Lagos.

Oshodi-John stated that recent arbitral decisions have shown the need to pay greater attention to the drafting of investment contracts and defending arbitral proceedings.

“There is a growing need for public-sector entities to increase local content in domestic and international arbitration in Africa,” she said.

Speaking about the conference, Oshodi-John said the two-day hybrid event will bring together ADR experts to discuss critical developments shaping the field across Africa.

“It will include expert-led discussions, workshops, and networking sessions designed to inspire innovative approaches to arbitration and ADR.

“Participants will delve into the transformative trends and explore opportunities to position Africa as a leader in global arbitration practices.