We are persons professionally qualified to act as Arbitrators from reputable arbitral institutions in Nigeria with years of experience and are committed to improving the profile and representation of Nigerian Arbitrators in arbitral matters that are purely domestic. We acknowledge that there is a divide in the number of professionally qualified arbitrators in Nigeria and the number that are actually appointed to preside over a dispute.

We also believe that this divide is a result of the appointment of foreign arbitrators to sit over matters that are purely domestic and also taking out such matters for resolution outside the country. We believe that there is a system which if adopted, would ensure that domestic disputes are arbitrated by Nigerian Arbitrators and in Nigeria as the seat of arbitration, thereby growing the Nigerian Arbitration practice.

To achieve this, we propose a Nigerian Arbitration Covenant which seeks to improve arbitration practice in Nigeria by seeking support for the enactment of a statute that will ensure the arbitration of domestic disputes in Nigeria.

The Nigerian Arbitration Covenant seeks to achieve the following objectives in purely domestic disputes;

• To put a stop to arbitration flight to other countries by enacting a statute to promote this cause;
• To mandate parties to have the seat and venue of arbitration in Nigeria;
  To appoint Nigerians as arbitrators in such disputes;

To achieve these objectives, we propose a National Policy on Arbitration where arbitration flight would be restricted to say that where a dispute which is domestic arises, to be submitted to arbitration, it is mandatory for its resolution to have its arbitral seat and venue in Nigeria.

We also propose that for Nigerian participants to such proceeding, their appointment of an arbitrator be restricted to the pool of highly qualified Nigerian arbitrators with the expertise to handle the matter.

This National policy will, if enacted, ensure the following;

• The constitution of an arbitral tribunal, where a dispute is between Nigerians/a Nigerian and a foreigner, there would a mix of Nigerian arbitrators and foreign arbitrators;
• 
  Nigerian arbitrators are appointed by Nigerian parties in domestic disputes, thereby growing the level of expertise of Nigerian arbitrators
  The arbitral seat and venue of domestic disputes would be Nigeria, thereby growing the Nigerian economy at large.

The Nigerian Arbitration Covenant is a positive step in taking back the Nigerian Arbitration practice from the hands of foreign arbitrators as it establishes a formidable plan in the form of; ‘The National Policy on Arbitration’ which if adopted would make for a better arbitration practice.