The President, Lagos Chamber of Commerce and Industry (LCCI), Dr Nike Akande, says Nigeria needs investors now more than ever before, with the present state of its economy.
Akande spoke on Friday while delivering a keynote address entitled ‘International Investment Transaction and Dispute Resolution, Promoting Alternative Dispute Resolution in Nigeria’ in Lagos.
She delivered the address at the 2016 Investiture and Awards Ceremony of the Nigerian Institute of Chartered Arbitrators.
“We need investors now more than ever before; we need private capital both within and abroad to stimulate the economy,’’ Akande said.
According to her, an important factor to make this happen is to ensure a dispute resolution mechanism that will inspire the confidence of investors.
She said that investors dreaded going to court for settlement of disputes due to cost and time consuming proceedings.
The LCCI president said that Alternative Dispute Resolution (ADR) was attractive to investors as it was time saving and gave prompt access to justice.
In his remarks, Chief Afe Babalola, President and Chairman of the Governing Council, Nigerian Institute of Chartered Arbitrators, said it was worrisome that home-generated disputes were exported outside the country for resolution.
Babalola, who was represented by Prof. Fabian Ajogwu, said the need to domesticate arbitration in Nigeria remained the quest of the institute.
“Arbitration remains the final way of determining disputes. If Nigeria is to do well and progress on the path of development with more investments, the process of arbitration must be accorded its proper place in our judicial system,” he said.
Babalola said that the institute had consistently trained and raised arbitrators who were global players.
“Our arbitrators can rank with arbitrators in developed countries of the world and also of highest moral calibre and professional competence,” he said.
Gov. Akinwunmi of Lagos State, in his message, said the practice and business of ADR, especially arbitration, would have positive impact on the country’s judicial system and attract foreign and local investors.
Ambode, represented by his deputy, Dr Idiat Adebule, said that prompt dispensation of justice was key to thriving businesses and investments.
“The vision and decision of this administration to maintain the status of Lagos State as the investment hub of West Africa is rightly dependent on the work of strategic stakeholders, especially professional institutes like yours.
“Therefore, officers and members in the Temple of Justice have a greater role to play, especially with the drove of foreign direct investments coming into the state.
“We have strengthened the machinery of the administration of justice toward assuring investors and public alike,” he said.
Ambode commended the leadership of the institute for their service to the cause of promotion of justice and dispute resolution in the country.
This news medium reports that the institute inducted 63 new fellows at the dinner.
They include high court judges, lawyers, accountants, quantity surveyors and corporate executives.