IMPACTS OF INTERNATIONAL COMMERCIAL ARBITRATION IN NIGERIAN BUSINESS

Abstract

International Commercial Arbitration has began to snowball with the increase in international Trade and crave for foreign investment. This trend is not without its problem. It has been glaringly observed that most investors involved in transactional businesses, in desiring to arbitrate outside the seat of the dispute, look forward to certain conveniences as the basis of a particular country to govern the Arbitration. This is executed most times without considering the details of such laws or possible demerits inherent in the law having regard to the nature of the business. This paper critically examines the Impacts, benefits and Challenges Associated with International Commercial Arbitration. Some of its benefits are glaringly discovered in approaches applied and faster than Traditional Litigation and can be more of cost effective than Traditional Litigation. Some of these challenges include a situation where a country where Arbitration is to be held has some interest in the outcome of the award or even a party to the Arbitration or some of the laws are unfair having regard to the nature of the trade between the parties. These International Commercial Arbitration are siquanon to the national interest. Sequel to this, Nigeria acceded to and ratified all and every international protocols, conventions and rules pertaining to international Commercial Arbitration. Judgements from Nigeria Courts as well as awards from Arbitral Tribunals in Nigeria are as good as those of any other civilized anglophone Country in the World. Nigeria continues to take the International Commercial Arbitration abroad where lex fori has absolutely nothing to do with the lex loci contracts and the lex loci solutions avis the challenges. It is against the aforementioned perspectives that we explored in the subject matter with the sole objective of contributing to knowledge.