Former Chairman, section on Business Law of the Nigerian Bar Association, George Etomi has said that the use of arbitrations in resolving commercial dispute will help to stabilize the country’s growing economy and boost investors’ confidence.
Speaking as a guest on Channels Television’s programme, Business Morning, Mr Etomi said though this method of commercial dispute resolution is still nascent in Nigeria, arbitration saves time and ensure rapid growth of investment portfolios.
The Nigerian economy, with the increasing influence of globalization has continued to grow over the years, with a sharp increase in the number and value of diverse domestic and international commercial transactions which include trade in goods and services and financial transactions involving individuals and corporations.
The legal basis for all such transactions is invariably a contract between the parties involved as contracts regulate and secure the obligations and rights of the parties and provide a direction for the transaction.
As in all facets of life and indeed commerce, disputes are inevitable and as a result the same effort expended in arranging a commercial transaction will always be required in the settlement of any dispute arising out of the transaction or contract.