NICArb Pushes Data-Driven Arbitration To Boost Investor Confidence

By MELVIN KOFFA

THE Nigerian Institute of Chartered Arbitrators (NICArb) has urged a shift toward data-driven institutional arbitration, warning that Nigeria’s reliance on ad-hoc dispute resolution undermines credibility and discourages investment.

Registrar/CEO Shola John-Oshodi said the absence of reliable records prevents Nigeria from showcasing its arbitration capacity, unlike international bodies that publish case data. She noted that NICArb has recently handled disputes worth over $1 billion, highlighting arbitration’s economic potential.

John-Oshodi commended the government’s new arbitration policy but stressed that policies alone are insufficient, calling for stronger institutional practices to reduce foreign arbitration dependence and rebuild investor trust.

The Institute also linked Nigeria’s failures in high-profile cases, such as the P&ID scandal, to weak contracts and delayed government responses. NICArb further outlined its peace-building work in conflict zones through UNHCR partnerships and urged greater public sensitisation on arbitration’s benefits.