Lagos to Strengthen Arbitration Law to Boost Economy

Lagos State Governor, Mr. Akinwunmi Ambode has reiterated the commitment of his administration to build on the successes recorded in the past in the area of Arbitration practice for economic gains that would benefit the people of the State.

Governor Ambode stated this in his remarks at the opening plenary session of the Annual Conference of the United Kingdom Chartered Institute of Arbitration (Nigerian Branch) at Abuja on Tuesday.

He said Lagos has the most modern Arbitration Law in Nigeria that conforms with any Arbitration statute in the world, and that his administration is very much prepared to consolidate and strengthen the efforts of the previous administration to create Lagos as a preferred seat of Arbitration in Nigeria and the West African Sub-Region.

Governor Ambode, who was represented by the State Attorney General and Commissioner for Justice, Mr. Adeniji Kazeem, reiterated that Lagos State, being a commercial hub, is 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, the Governor stressed that Lagos is open for business, adding, “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 also explained that as the name suggests, the office is designed to attract foreign direct investment into Lagos through creation of a one stop-shop where investors can seamlessly obtain regulatory approvals and other incentives in order to drive further investment to create jobs.

He disclosed that this initiative has been rewarding with a steady flow of prospective investors since his administration took off on 29 May, 2015.