Nigeria, one of the most corrupt countries in the world, promotes the adoption of alternative dispute resolution and the creation of the necessary infrastructure that will improve the speedy resolution of trade disputes.

Nigerian Vice President  Yemi Osinbajo, made the announcement on November 12 in Abuja during a virtual interaction with members of the French Confederation of Enterprises (MEDEF).

Responding to a concern about resolving commercial disputes in Nigeria, Osinbajo said the country has a strong court system and most companies hire some of Nigeria's best lawyers, many of whom are internationally renowned.

Although the commercial courts in Nigeria are doing well and have the ability to settle trade disputes, the Nigerian Vice President noted that at times there may be delays in resolving disputes. In order to overcome this problem, he announced arbitration, as a preferred way to resolve disputes.

On the new strategy in sight, the Nigerian Vice President clarified that "alternative dispute resolution is something we promote as a government and we are trying to create an infrastructure for it."

Regarding the competitive conditions of Nigerian businesses, Osinbajo noted that the efforts of President Muhammadu Buhari's administration in various fields are aimed at creating an enabling business environment are bearing fruit.

In all, Osinbajo added that measures for business competitiveness in Nigeria include improving port operations, controlling smuggling and adopting a trading platform.