Oyeniyi O. Abe
Lecturer in Law, Afe Babalola University
Ado-Ekiti, Nigeria
Abstract
Considering the need to enhance commercial activities in Nigeria and the right of international parties to resolve disputes through arbitration, the desire for Nigeria to sign and ratify the New York Convention cannot be over emphasized. No doubt, in Nigeria the administration of justice through the regular courts is usually beleaguered with delays for diverse reasons. An attempt to combat these delays and ensure swifter dispensation of justice has seen the emergence and effective use of arbitration in the country. However, the need for speed, resulting in more efficiency and economy in contract drafting, has always dominated international commercial transactions. Thus, the need for arbitration is more compelling considering the lethargic attitude of Nigerian courts to resolution of sophisticated commercial disputes. This paper seeks to examine the mechanisms for implantation and implementation of international commercial arbitration legal regime in Nigeria. The work attempts a critical analysis of the relevant extant laws in use in Nigeria and their effectiveness. The paper also queries the nature and attitudes of Nigerian courts towards the enforcement of foreign arbitral awards in the country.