The Abuja Chambers of Commerce and Industry says alternative dispute resolution offers faster and cheaper options for settling business disputes, thereby helping companies avoid lengthy litigation and financial losses.

Hauwa Usman, registrar general of the Nigerian Chamber of Commerce Dispute Resolution Centre, disclosed this on Wednesday in Abuja.

Ms Usman said dispute resolution was critical for businesses because time directly affected profitability, noting that conventional litigation could take between three and five years before disputes were resolved in court, depending on the case.

She said that such a delay often affected business operations and reduced productivity.

Ms Usman said that the chamber’s main mandate was to promote economic and commercial development within and outside the country.

Ms Usman said the DRC was a specialised dispute resolution institution. She said that it was mandated to provide efficient, neutral, and business-oriented dispute resolution mechanisms for the resolution of commercial disputes in Nigeria and across borders.

“The NCC-DRC is mandated to promote the use of alternative dispute resolution mechanisms, including arbitration, mediation, and conciliation, and provide timely and cost-effective dispute resolution services for businesses and investors.

Ms Usman said that disputes could be resolved through mediation within six weeks or two months in many cases, adding that some disputes could even be settled within one or two sittings, depending on circumstances.

Ms Usman said that in some instances, disputes could be settled before the time it takes to complete court filing processes, emphasising that ADR is an effective mechanism for resolving commercial disputes.

The registrar-general also highlighted the cost efficiency of the process for businesses, adding that the NCC-DRC was established to provide affordable dispute resolution services.

Ms Usman advised businesses, especially women entrepreneurs, to pursue amicable dispute resolution, noting that many commercial disagreements could be resolved through dialogue.

She said that ADR remained efficient, less time-consuming and more satisfactory for parties involved, adding that the centre would continue to sensitise businesses and the public on the importance of ADR.

Ms Usman said that continuous awareness was necessary to encourage wider adoption among businesses.

(NAN)