Ethics, professionalism will grow Nigerian economy says stakeholders, they have urged professionals in all fields to abide by ethical and professional standards in the discharge of their duties in order to grow the Nigerian economy.

According to them, professionals must be independent, impartial and must maintain the highest levels of professionalism while performing their duties.

While speaking at the Nigerian Institute of Chartered Arbitrators’ investiture ceremony in Lagos, the Chief Justice of Nigeria, Justice Walter Onnoghen, who was represented by the Justice of the Supreme Court, Justice Bode Rhodes, said conflicts and disputes would be avoided if professionals performed their duties effectively.

Onnoghen stated that the absence of conflict would enable citizens to live in unity and foster economic growth.

He added that ethical rules for arbitrators would be adopted in the settlement of disputes because it was almost impossible for disputes not to arise in the course of human relations.

He said, “Over the last few decades, there has been considerable expansion in global trade and investments, which has resulted in a significant increase in the volume of cases processed through the courts each year.

“This has made the process of litigation very expensive and has pushed business men and women to seek more practicable methods for dispute resolution such as arbitration.”

Onnoghen stated that the existence of an effective system for the resolution of commercial disputes was crucial for investment drive and economic growth, adding that this was only attainable through professionalism.

Speaking at the event, the Vice President, NICA, Prof. Fabian Ajogwu, charged the newly inducted members of the institute to promote arbitration with the highest sense of professionalism and ethics.

According to him, the importance of arbitration in commercial activities and other sectors cannot be overemphasised.

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