As part of measures to attract foreign investors,
the Buhari administration is promoting the adoption of Alternative
Dispute Resolution (ADR) and creating the necessary infrastructure
which will enhance the speedy resolution of business-related
disputes, according to Vice President Yemi Osinbajo,
SAN.
Prof. Osinbajo disclosed this on Thursday while answering
questions during a virtual interaction with members of the French
Business Confederation (MEDEF), an event that also featured
representatives of several top French companies and officials from
both governments of Nigeria and France.
Addressing a concern on the resolution of commercial disputes in
Nigeria, the Vice President said “Nigeria has a robust judiciary
and most companies engage some of the best lawyers in Nigeria, many
of whom are internationally acclaimed.”
READ ALSO: Getting COVID-19 Vaccine A Matter Of
Utmost Concern, Says Osinbajo
According to him, “our courts, the commercial courts are doing
well. Sometimes there may be delays in the length of time that it
may take to resolve disputes which is why arbitration is the
preferred mode of resolving disputes. And am sure that most
companies have an arbitration clause in their agreements and
contracts.
“Alternative Dispute Resolution is something that we are
promoting as a government and we are trying to create
infrastructure for it. And I know that most businesses don’t even
want to go to court. They will rather resolve their disputes
through commercial arbitration. And that is an area we are looking
to explore in greater detail.”
Continuing, the Vice President said “I will say that Alternative
Dispute Resolution such as arbitration and mediation should always
be in contracts especially where companies may be wary of going
through the legal process that may be long-drawn. I think that on
the whole, the resolution of commercial disputes is one that we
have done quite well. And I am very confident that the Federal High
Courts, especially in the commercial nerve centres in the country –
Lagos, Port Harcourt and Kano are doing a decent job.”
Speaking on Nigeria’s terms of doing business competitiveness,
the Vice President said the efforts made by the Buhari
administration across diverse areas of creating a conducive
business environment is yielding results.
(adsbygoogle = window.adsbygoogle || []).push({});
Prof. Osinbajo said the generality of the Ease of Doing Business
reforms comprising improvement in port operations, checking of
smuggling, and the adoption of a common trading platform had
improved Nigeria’s competitiveness.
On government’s investment in education, the Vice President said
though basic education falls under the jurisdiction of the States,
the Federal Government had introduced and is enforcing a policy on
free and compulsory education in the first nine years of the
Nigerian child’s life.
He said the Federal Government’s emphasis is also to modernize
education by prioritizing Science, Technology, Engineering, Arts
and Mathematics (STEAM).
In the health sector, Prof. Osinbajo told the French business
community that the Federal Government was supporting and monitoring
developments in the States through the National Economic Council
(NEC), noting that the Federal Government, in collaborating with
State governments is encouraging best practices in the Education
and Health sectors.
On continuing efforts at engaging youths in the country, the
Vice President said several thousands of young men and women have
been equipped with digital skills especially in coding as part of a
programme initiated by the Federal Government.
Citing the example of the privately built power plant in Edo
State, Prof. Osinbajo noted that the Federal Government welcomes
new investments in the power sector especially ones that will
connect directly with the end consumers on willing buyer-willing
seller basis.
According to him, “We really want as many private companies as
possible to come on stream. We prefer that new companies do not
come on the grid and expect government guarantees. We will be happy
to have new investments in generation and distribution.”
Participants at the forum include, Minister of Industry, Trade
and Investment, Mr Niyi Adebayo; Central Bank Governor, Mr Godwin
Emefiele; The Nigerian Ambassador to France, Mrs Modupe Irele; the
representatives of Schneider Electric, Mr Christophe Begat; Swipha
Pharmaceuticals, Frederick Lieutaud; Dassault System, Raoul
Jacquard; Kamil Senhaji, and Federic Morel-Barbier, among
others.