Arbitration is a private dispute resolution process where parties agree to submit their conflict to one or more impartial arbitrators, whose decision (known as an award) is final and binding, The process is governed by the arbitration clause in the parties’ contract or, in the absence of such a clause, by mutual agreement after dispute arises.
This article outlines the legal framework for arbitration in Nigeria, the challenges with arbitration in Nigeri and why it is the right choice in settling commercial disputes.