CHALLENGES AND PROSPECTS OF THE ENFORCEMENT OF INTERNATIONAL ARBITRAL AWARD IN INTERNATIONAL COMMERCIAL ARBITRATION IN NIGERIA

Abstract

This article is focused on the challenges and prospects of the enforcement of international arbitral award in the practice of international commercial arbitration in Nigeria. The article analyzed the various challenges and prospects affecting the laws and practice in the Enforcement of International Arbitral Awards in Nigeria; Enforcement of International Arbitral Award is the procedure where award is granted by arbitral tribunal in an arbitration process. In an enforcement of international arbitral award there must be a dispute of a commercial nature involving other nationals or countries. The main objectives of this article is to examine the challenges and prospect of the enforcement of International Arbitral Awards in an International commercial arbitration in Nigeria and to recommend the various ways to address the challenges. The article adopted doctrinal method of research where it focused on the primary and secondary sources, i.e. Statutes, case laws and other legal materials. The article found out that international commercial arbitration emerged as the best method for resolving disputes with international elements between states, individuals and corporations. The article further found out that despite the reforms and prospects in the practice of International Commercial Arbitration in Nigeria, there are more to be done in the areas of enforcement of arbitral awards in the aviation sector, oil and gas sector, investment sector, etc. It is therefore recommended that there is the need to Strengthening the Legislative and Policy Framework governing the enforcement of arbitral award in Nigeria, Judicial Capacity Building and Specialized training for judges to enhance their understanding of arbitration law. It is further recommended for Institutional Strengthening of Arbitral Bodies, Promotion of Arbitration Awareness and Professionalism and Government Commitment and Respect for Arbitral Awards. In conclusion, there is the need for reforms in the enforcement of International Arbitral Awards in the practice of International Commercial Arbitration in Nigeria.