AN APPRAISAL OF RECOGNITION AND ENFORCEMENT OF ARBITRAL AWARDS BY THE INTERNATIONAL CENTER FOR SETTLEMENT OF INVESTMENT DISPUTES (ICSID) IN NIGERIA
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: FOOTNOTE / ENDNOTE
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
Nigeria is in a continuous quest to attract foreign direct investment (FDI) in order to support and sustain a decent economic growth. These foreign investors being invited are as much interested in the methods available for dispute resolution as they are in every available guarantee on their investments. This dissertation appraises the recognition and enforcement of the International Centre for the Settlement of Investment Disputes (ICSID) Arbitral Awards in Nigeria. The dissertation has the ultimate aim of proposing ways through which Nigeria can re-affirm its commitment to ICSID, as well as foreign investors. The research adopts doctrinal methodology depending on both local and foreign literature on ICSID jurisprudence. The importance of recognition and enforcement comes from the fact that arbitration is considered to be of no value if its award is not enforceable. Bearing this in mind, the work argues that the more recognition and enforcement of arbitral awards are observed with minimal procedural delay, the more the confidence of parties‘ increases. The dissertation examines the Centre from inception, to Nigeria‘s accession to the ICSID Convention, and the extent of commitment demonstrated so far. The research observed that arbitration under the ICSID is bedevilled by certain controversies resulting from conflicts of interest between the developed and the developing states as evidenced by the denunciation of the ICSID Convention by Bolivia, Ecuador and Venezuela. The analysis revealed the little consequences this has on the commitments of other states to the Convention. Disregarding these issues may be ultimately fatal to the future of the Centre and the commitment of other members, particularly from developing countries. Therefore, the need to embark on specific structural, procedural and functional reforms to give the developing nations more roles to play in running the centre is in emphasis. The dissertation revealed that the review mechanism of the Centre is inadequate, as annulment does not amount to appeal, thereby making it impossible to correct functional errors made by the tribunals. Leading to discontent and leaving the aggrieved parties with limited options; in the end lead to denunciation. Hence, there is the need to develop a system of appeal in order for parties to have recourse to a review mechanism in the light of the inconsistent decisions rendered by ICSID Tribunal. As the work further examines, arbitration under the ICSID is very expensive and complex. Parties are burdened with tribunal costs, professional and counsel fees, transportation, and so many other unforeseen costs. This is why the ICSID Schedule of Fees has to be reviewed to make tribunal charges proportionate to the amount involved in the claim. ICSID tribunals can also take advantage of the virtual world in filing of cases and exchange of pleadings. The work also bares a fundamental problem, that is, the inability of Nigeria to make rules of enforcement as prescribed by section 2 of ICSID (Enforcement of Awards) in order to give effect to the provisions of the Act. Nigeria must re-affirm its commitment to ICSID and the international investor-community, Nigeria must therefore, endeavour to make rules for the enforcement of ICSID award pursuant to section 2 of ICSID (Enforcement of Awards) Act.
Related Project Materials
A SURVEY OF REVELANCE OF BUSINESS EDUCATION PROGRAMME TO ECONOMIC DEVELOPMENT OF NIGERIA
Abstract
The study examined the relevance of Business Education program to economic development of Nigeria. The study fo...
INFLUENCE OF SOCIAL MEDIA ON THE ACADEMIC PERFORMANCE OF STUDENT IN LIBRARY AND INFORMATION SCIENCE IN RIVERS STATE UNIVERSITY
Background of the Study
The introduction of the internet in the 1990s ushered in a period of sign...
THE ROLE OF EARLY CHILDHOOD EDUCATION IN MATHEMATICAL REASONING
ABSTRACT: The role of early childhood education in mathematical reasoning...
AN EVALUATION OF THE IMPACT OF HOME DELIVERY ON PREGNANT FEMALES
ABSTRACT
The study was designed to determine the impact of home delivery on pregnant females of Sabon Gari Kaduna South...
THE INFLUENCE OF ICT ON MODERN DAY PRACTICE OF BROADCAST JONALISM
Abstract
This research examined the influence of ICT on Modern day Practice of Broadcast Journalism: An Appraisal of MC...
EFFECTS OF FUNDING, STAFF TRAINING, PRESERVATION AND BIBLIOGRAPHIC CONTROL ON NEWSPAPER UTILISATION IN UNIVERSITY LIBRARIES IN NIGERIA
ABSTRACT
Newspapers are sources of information on topical and current issues, stocked by libraries for use but due to their nature, they...
THE EFFECTS OF PUBLIC RELATIONS ON ORGANIZATION: CASE STUDY OF ZENITH BANKS IN ANAMBRA STATE
Background of the study
Public Relation is the art and social science of analyzing trends predicting th...
CHALLENGES AND PROSPECT IN BUGGETARY SYSTEM IN PUBLIC SERVICE IN NIGERIA
Background to the Study
Budgeting is an important concept that is pertinent to any organization (Schado...
EXPLORING THE BENEFITS OF DUAL-LANGUAGE IMMERSION PROGRAMS IN EARLY CHILDHOOD
ABSTRACT: This research explored the benefits of dual-language immersion...
BACTERIOLOGICAL STUDY OF SACHET WATER SOLD IN OWERRI METROPOLIS
ABSTRACT
Water is one of the indispensable resources for the continued existence of all living things including man. The...
