Speedy Adjudication Of Commercial Disputes Vital For Economic Growth – Stakeholders

Stakeholders in the Nigerian business and judiciary system have said that ensuring an effective commercial dispute resolution system is critical to creating an enabling business environment in Nigeria.

They said this at a Webinar on Thursday, which was organised by SEDIN-NICOP in partnership with Institute of Chartered Mediators and Conciliators.

The Webinar was focused on “Commercial dispute resolution and contract enforcement as a key business enabling environment.”

SEDIN-NICOP representative, Omoware Akinropo in his presentation noted that commercial disputes if not well managed can jeopardize both the profitability and very existence of a business.

Akinropo said that the ease of enforcing contract is a major indicator used by the World Bank and investors in assessing the business environment of a nation’s economy.

He said there is need to support judicial reforms for effective and efficient commercial dispute resolution and contract enforcement, adding that it is a tool for building a healthy investment climate.

Speaking further, Akinporo said that contract enforcement has remained a key aspect of commercial and business engagement, adding that
“When there is a default or there is any other form of dispute and disagreement arising from the business relations, the aggrieved party need to have some form of laid down, functional, effective and affordable processes to enable the party seek redress.”

The Chief Judge of Edo State, Esther Edigin, in her remark said that the need to promote commercial disputes resolution in Nigeria cannot be overemphasized as it plays a major role in attracting investors.

She said that efforts are ongoing in the state to establish a multi-door court rooms in every jurisdiction to enhance commercial disputes resolution.

“Our plan is to see that we have multi-door court in all jurisdictions, to help in commercial disputes resolution which will in turn attract more investors to the state.”

“The state judiciary is not autonomous yet and it is still challenged by poor funding, poor infrastructure as well as poor internet connectivity.

“But we are working hard to harness technical solutions to tackle these challenges confronting the court”.