The Approach of Nigerian Courts to International Commercial Arbitration : The Need for a Paradigm Shift in Judicial Thinking

International commercial arbitration is increasingly becoming the best method of settling international commercial disputes. Chief among the reasons why commercial disputants opt for international arbitration include its inherent advantages such as neutrality, privacy and confidentiality, speed, cost effectiveness, procedural flexibility and the universal enforceability of the awards, to mention but a few. Due to the incidence of globalization, the promotion of international arbitration is now the quintessential tactics to attract foreign investment since it is relatively cost-cutting and can be tailored by the parties to suit their business interests. Although in international arbitration, the courts have minimal roles to play, judicial assistance to arbitration is fundamental and cannot be ruled out. A positive and supportive judicial approach to arbitration will go a longer way to increase the growth international arbitration and vice versa. This research work briefly criticizes the approach of the Nigerian courts in some selected cases and argues for a paradigm shift in the approach of the courts to the issues canvassed in those cases such as stay of proceedings, anti-arbitration injunctions, limitation of time, etc. This research concludes by stating that an arbitration-friendly approach to those issues is paramount in order to make Nigeria a pro-arbitration country and to attract foreign investment