Osinbajo stresses need for dispute resolution mechanism in Africa

The Vice-President, Professor Yemi Osinbajo (SAN), yesterday stressed the need for strong and effective dispute resolution mechanism as a crucial driver for economic growth and investment in Africa.

He said, the present government is committed to the creation of conducive environment and the development of the nation’s economy.

“Nigeria is fast becoming a leading seat of arbitration and the settlement of investment disputes between contractual parties. The current administration has been focused on delivering on economic growth for Nigeria.

“The Economic Recovery and Growth Plan (ERGP), was drawn to keep the economy on the path of sustainable economic growth and global competitiveness.

“Therefore, we have been working on key business climate reforms for the last 24 months, to promote domestic and foreign investment,” the Vice President said.

He stated this, at the 3rd International Court of Arbitration (ICC), conference held in Lagos.

Osinbajo, who was represented by the Senior Special Assistant to the President on Trade and Investment, Dr. Jumoke Oduwole, said: “Nigerian investors, whether domestic or foreign look beyond pure economic fundamentals, to require assurances of effective legal frameworks for enforcement of awards and a credible judicial system, which gives them a reasonable level of comfort and confidence”.

Osinbajo also commended the Nigerian arbitration community for working hard through the National Assembly to create a modern piece of legislation.

“Nigerian arbitration community has been working very hard to push a bill through the National Assembly to repeal and replace the current Arbitration and Conciliation Act with a more modern piece of legislation,” he stated.

He urged other members of arbitration communities in various other African jurisdictions to push for arbitration law reforms.

Also speaking on the importance of arbitration institutions and law for economic development, Chairman of ICC, Mr Babatunde Savage said the need for arbitration is a key to the development and growth of the economy.

Other speakers at the event include: Prof. Gabriel Olawoyin (SAN), President, International Court of Arbitration, Alexis Mourne, Mrs Funke Adekoya (SAN) and other legal dignitaries.