Abstract
For a cheap, speedy and effective dispute resolution mechanism which is a factor and a fundamental requirement for a Foreign Direct Investment (FDI) to flow and flourish, Arbitration and Conciliation Act was enacted to facilitate the settlement of investment and other contractual disputes within Nigeria through arbitration rather than courts. Arbitration has continued to maintain the lead as the preferred mechanism for the resolution of domestic and international business disputes in the Nigerian legal
system, the major attraction being the flexibility of the process and the freedom exercised by contracting parties in choosing their own tribunal. The result of such disputes mechanism is an award which incidentally would have to be taken to the regular court for recognition and enforcement. The research recommends the establishment of special courts tasked with the registration and enforcement of foreign and domestic arbitral awards or judgments, or alternatively: administrative recognition of all
litigation involving arbitration as sui generis and worthy of being fast tracked through the judicial process. Otherwise the end, in the quest for an effective, cheap and speedy alternative dispute resolution mechanism, would not justify the means, in the arbitration process.
Keywords: Judicial, Arbitration, Conciliation, Investment, Foreign, Nigeria