Lagos to strengthen arbitration law to boost economy

Governor Akinwunmi Ambode of Lagos State says his government will be building upon the successes of the previous administration in the state in area of arbitration practice to further strengthen the economy.

Ambode spoke at the annual conference of United Kingdom Chartered Institute of Arbitration (Nigerian branch), which opened in Abuja on Tuesday. Lagos has the most modern arbitration law in Nigeria that conforms to any arbitration statute in the world, and his administration is prepared to consolidate and strengthen the efforts of the previous administration to create Lagos as a preferred seat of arbitration in Nigeria and West Africa, Ambode said.

Represented by Adeniji Kazeem, the state attorney general and commissioner for justice, the governor said that Lagos, being a commercial hub, remained the leading destination for foreign investment having accounted for over 99 percent direct foreign investment in the country by the second quarter of year 2015.

Pledging his support to the institute in its drive to encourage direct foreign investment through development of alternative disputes resolution (ADR) mechanisms, Ambode reiterated that Lagos was open for business.

“In order to show full commitment, Lagos is one of the first states in Nigeria to establish an Office of Overseas Affairs and Investment – Lagos Global,” he said.

He explained that the office was designed to attract foreign direct investment into Lagos through creation of a one-stop shop where investors could seamlessly obtain regulatory approvals and other incentives in order to drive further investment to create jobs.