A DIAGNOSTIC OF THE LEGAL AND INSTITUTIONAL FRAMEWORKS FOR ARBITRATION IN NIGERIA

Abstract

This paper examined the legal and institutional frameworks for arbitration in Nigeria, adopting a doctrinal methodology. The research investigates the legislative, judicial, and institutional mechanisms governing arbitration in Nigeria, with a focus on the Arbitration and Conciliation Act (ACA) 2004. The paper reveals that while the ACA 2004 provides a comprehensive framework for arbitration in Nigeria, there are significant gaps and challenges in its implementation. The research identifies inconsistencies in the application of the ACA 2004 by Nigerian courts, inadequate institutional support for arbitration, and a lack of expertise among arbitration practitioners. Based on the findings, this study recommended a review and amendment of the ACA 2004 to address the gaps and inconsistencies in the Act and ensure its alignment with international best practices. It further recommended the establishment of arbitration institutions to provide institutional support for arbitration and promote the development of arbitration expertise in Nigeria. Also, capacity building for arbitration practitioners to enhance the expertise of arbitration practitioners and ensure the effective implementation of the ACA 2004. The paper concluded by demonstrating the need for a comprehensive review of the legal and institutional frameworks for arbitration in Nigeria. The effective implementation of the ACA 2004 and the development of institutional support for arbitration are critical for development.