The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, has proposed the establishment of a specialised Commercial Dispute Resolution Tribunal to fast-track the resolution of business disputes, arguing that faster justice delivery is critical to attracting long-term investment and deepening Nigeria’s capital market.
The minister proposed this on Tuesday while delivering his inaugural lecture as a Fellow of the Capital Market Academics of Nigeria during the association’s Second Biennial Conference in Abuja. The conference was themed “The Nigerian Capital Market as a Catalyst for Equitable and Inclusive Growth.”
He said delays in resolving commercial disputes remained one of the biggest obstacles to investment, noting that cases currently took an average of 15 years to progress through the High Court, Court of Appeal and Supreme Court.
According to him, such prolonged litigation creates uncertainty, discourages investors and significantly increases the cost of doing business in Nigeria.
To address the challenge, the minister proposed a dedicated Commercial Dispute Resolution Tribunal staffed by judges and arbitrators with specialised expertise in commercial, financial and capital market matters.
