International Journal of Business & Law Research 3(2):61-72, April-June 2015


SEAHI PUBLICATIONS, 2015

APPRAISAL OF THE LEGAL REGIME FOR MARITIME INDUSTRY AND ARBITRATION IN NIGERIA: RECIPE FOR ECONOMIC GROWTH


Ikenga K. E. ORAEGBUNAM
Department of International Law & Jurisprudence
Faculty of Law, Nnamdi Azikiwe University, P.M.B. 5025, Awka, Nigeria
Meshach N. UMENWEKE
Department of Public & Private Law, Faculty of Law,
Nnamdi Azikiwe University, Awka, Nigeria
Chienye OKAFOR
Department of Public & Private Law, Faculty of Law,
Nnamdi Azikiwe University, Awka, Nigeria

ABSTRACT
Maritime or Admiralty Law is a distinct body of law that governs maritime questions and offences. It is a body of both domestic law governing maritime activities, and private international law governing the relationships between private entities that operate vessels on the oceans. Issues on marine commerce, marine navigation, marine salvaging, shipping, sailors, and the transportation of passengers and goods by sea, are also within the province of maritime regime. This regime extends to many commercial activities, although land based or occurring wholly on land, that are yet maritime in character. Given these concerns, disputes often arise as in every form of human interaction, and which disputes have been shown by experience as better resolved by resort to arbitration. This paper examines the various arbitration-connected laws enacted and/or operative in Nigeria with a view to stating the adequacy or otherwise thereof. The study discovers that in the light of the need for a viable sector for economic growth that maritime commerce and trade can be, there is need for legislative and statutory review of the legal framework governing the sector.
Key Words: Maritime, Arbitration, Jurisprudence, Shipping, Admiralty, Nigeria