Experts have identified the development of maritime arbitration and Alternative Dispute Resolution (ADR) as a regional hub to balance Nigeria’s foreign exchange by reducing capital flight wasted in travel and other expenses for arbitration and ADR in United Kingdom, Hongkong, Singapore among other nations.
Mrs. Adedoyin Rhodes-Vivour (SAN) made this postulation while speaking at the 2023 Annual Business Luncheon of Women’s International Shipping and Trading Association (WISTA) Nigeria on Thursday.
This view was also shared by the Minister of Marine and Blue Economy, Adegboyega Oyetola CON, even as he observed that the Industry stands to benefit from infrastructural development and incorporation of advanced technologies leading to the modernization of the sector.
“Arbitration and ADR are regarded as the traditional method of resolving maritime disputes dating as far back as the voyages of ships owned by ancient Phoenicians carrying on the cargoes of Greek traders. This trend has continued into the modern age with many maritime nations realizing the potential of earnings from maritime dispute resolution activities developing into world acclaimed places of dispute resolution with the potential of invisible earnings derived from such activities being utilized towards a nation’s infrastructural plans and programmes. Other maritime nations such as the United Kingdom, Hong Kong, Singapore, India, and China have thus strategized into becoming international maritime arbitration hubs.”
“In these countries, specialized alternative dispute resolution institutions have played a key role in the development of the respective countries as recognized centers actively encouraging the development of expertise and capacity in the field and highlighting to relevant stakeholders including governmental bodies issues which need to be addressed in the interest of the overall goal of developing into a maritime arbitration hub,” she said.
The veteran lawyer opined that the Maritime Arbitrators Association of Nigeria (MAAN), which was founded by professionals in 2005, can further develop expertise in commercial and maritime arbitration to position Nigeria as an appropriate venue for maritime arbitration.
“MAAN’s priority includes building capacity in the specialized field of maritime arbitration dispute resolvers. MAAN has developed arbitration rules for short claims arbitration schemes as well as that relating to large claims,” she observed.
Speaking earlier, the Minister for Marine and Blue Economy, Adegboyega Oyetola CON, observed that Blue Economy is poised to reposition the maritime industry for sustainable growth achievable through collaboration between government, industry stakeholders such as WISTA, and also through engagement with local communities.
The Minister, who was represented by the Assistant Director, Shipping Management, Mr. Musbahudeen Sagir noted that Nigeria is endowed with enormous aquatic and marine resources including oceans, seas, rivers and lakes with potentials for economic growth.
“These water bodies are of strategic importance and can provide huge opportunities for fisheries, aquaculture, shipping, coastai tourisms, offshore oil and gas energy mobilization and other Blue Economy related activities,” he said.
On his part, the Royal Father of the Day, HRH Oba Babatunde Saliu expressed delight at the creation of a new ministry of Marine and Blue Economy, stressing that the development signifies that Nigeria has joined the comity of nations intentionally exploring the potentials of the maritime sector.
In her welcome address, the President of WISTA Nigeria, Diamond (Mrs.) Eunice Ezeoke posited that the 2023 conference themed; “Blue Economy Potentials for Rebuilding and Repositioning Nigeria’s Maritime Industry,” aims to explore the opportunities in the Nigerian blue economy.
According to Ezeoke, the establishment of a new ministry dedicated to the blue economy, as well as the opportunities and difficulties it presents for the ecosystem and economy of Nigeria were to be explored at the conference.
The event was graced by several maritime bigwigs including a former Director General of Nigerian Maritime Administration and Safety Agency (NIMASA), Barr. Temisan Omatseye; Chairman, Integrated Oil and Gas Limited, Capt. Emmanuel Iheanacho; Chief Executive, Dr. Eugene Itua; President, African Marine Environment Sustainability Initiative (AFMESI), Dr. Felicia Mogo; among others.