Insight into the Future of Arbitration in Nigeria: A Critical Analysis of theArbitration and Mediation Bill

Abstract

The constant evolution of arbitration law and practice is often
driven by changes in international commercial law and
practice. The principal arbitration legislation in Nigeria is the
thirty- five years old, Arbitration and Conciliation Act 1988.
The 1988 Act once highly praised for laying the foundation for
the development of arbitration law and practice in Nigeria, has
become unable to keep up with modern commercial
arbitration law and practice. There have been several attempts
to reform the ACA, which has now culminated to the
Arbitration and Mediation Bill 2022 (Bill). The Bill is intended
to transform Nigerian arbitration law and practice in line with
global standards. Ahead of the Bill coming into force, this
article analyses the key criticisms of the 1988 Act. The article
explores the prospect of the Bill and its potentials of
transforming the arbitration landscape and making Nigeria an
attractive and friendly arbitration destination.