Lagos — A cooperation agreement between the Nigerian Institute of Chartered Arbitrators (NICArb) and the China International Economic and Trade Arbitration Commission (CIETAC) is poised to revolutionize dispute resolution and foster stronger trade relations between Nigeria and China, it has been observed.
The agreement was signed at the China-Africa International Arbitration Cooperation Conference and China-Africa Trade Export, held from June 13 to 15 in Changsha, Hunan Province.
Registrar and CEO of NICArb, Mrs. Shola Oshodi-John represented Nigeria’s premier arbitration institute as a keynote speaker and panelist while Mr. Wang Chengjie, Vice Chairman and Secretary General of CIETAC, signed on behalf of the Chinese arbitration body.
According to Mrs. Oshodi-John, the partnership marks a significant step in promoting arbitration and mediation as preferred mechanisms for resolving commercial disputes in international trade and investment.
The collaboration will focus on exchanging expertise, hosting joint seminars, conferences, and training programs aimed at enhancing the skills of arbitrators in both countries.
“This agreement strengthens Nigeria’s arbitration framework and fosters closer ties with our Chinese counterparts. It promises more efficient and effective dispute resolution, benefiting businesses and investors in both nations,” she said.
Mr. Wang echoed these views, stating, “Our partnership with NICArb leverages our combined expertise to promote reliable arbitration and mediation. This cooperation will enhance economic and trade relations between China and Nigeria.”
Founded in 1979 by the late Prince Bola Ajibola SAN, NICArb is Sub-Saharan Africa’s leading arbitration and Alternative Dispute Resolution (ADR) institution. CIETAC, recognized globally, is one of the foremost bodies providing arbitration services in international commercial disputes.
This new Nigeria-China arbitration pact is expected to encourage knowledge sharing and joint initiatives, ultimately strengthening cross-border trade and investment through improved dispute resolution frameworks.
