THE PROSPECTS OF ARBITRATION IN THE SETTLEMENT OF INTELLECTUAL PROPERTY DISPUTES IN NIGERIA

Abstract

This article examined the prospect of arbitration in the settlement of Intellectual Property (IP)disputes in Nigeria. In most legal systems, arbitration has become increasingly popular as a dispute settlement mechanism in the field of intellectual property. Countries like the United States of America has instituted mandatory arbitration proceedings aimed at a more expeditious disposition of IP disputes. The aim of this article is to determine the extent to which arbitration is allowed by the legal system in Nigeria with regard to IP disputes. Arbitration is particularly attractive in cases involving intellectual property rights such as patents, trade secrets; as parties may appoint a tribunal knowledgeable in the specialist area of IP. The knowledge, skill and expertise of the tribunal appointed in the relevant subject matter result to the efficient resolution through arbitration of the disputes with less cost for the parties and within a specified time frame. Also, IP disputes are resolved confidentially by the parties. In Nigeria, investors lose billions of naira over issues involving IP theft and piracy. Commendably, the repeal of the 35 year old Arbitration and Conciliation Act of1988; and the enactment of the Arbitration and Mediation Act 2023 patterned according to the United Nations Commission on International Trade Law (UNCITRAL) model Law of 2006 is a significant development in Nigeria. This recent law is expected to open up the potential of Nigeria as a seat of arbitration and a hub for settling commercial inclusive of IP disputes through arbitration.The article recommends that the new provisions of the Arbitration laws in Nigeria are flexible enough to accommodate arbitration of IP disputes. However, challenges may surface during the Act’s implementation, necessitating evaluation and potential amendments to address emerging issues effectively. This would promote settlement of IP disputes by arbitration within Nigeria’s borders and align its practices with global standards in International arbitration.