Abstract
This paper centred on the examination of the various laws in the practice of arbitration in the maritime industry in Nigeria which includes the UNCITRAL Model Law, The New York Convention on Recognition and Enforcement of Foreign Awards, ICSID Convention, The Hague and Hague Visby Rules among others. It also outlined the laws and procedures precedent for arbitration process to take place, the finality of the arbitral award and enforcement of same. The paper also took a careful look at the challenges associated with the practicability of the arbitral process in the maritime industry and the prospects it portends for the Nigeria maritime industry. It further enhances the knowledge of the reader on the practicability of maritime arbitration in Nigeria especially on the aspect of containerization under the Hague Visby Rules.