The Senate passed a bill to enact the Arbitration and Mediation Act to provide for a unified legal framework for the settlement of commercial disputes.
The Senate Leader, says the Arbitration and Mediation Act, 2022, sought to repeal the Arbitration and Conciliation Act, Cap A18, Laws of the Federation of Nigeria, 2004.
He disclosed that the piece of legislation recognised and enforced the New York convention on foreign arbitration awards to any award made in Nigeria or in any contracting state arising out of international commercial arbitration.
He added that it also sought the application of the Singapore convention on the international settlement agreements resulting from mediation.