It seeks to show the significance of the national courts’ role in the arbitration process in consideration of the present day exercise on the reform of the Arbitration and Conciliation Act, the principal legislation governing arbitration in Nigeria. The need for the use of arbitration in international and sometimes national businesses is necessitated by the Courts seeming lack of promptness in dispensing matters relating to business and investment. This problem is more pronounced in disputes involving foreign investments where courts may be ill equipped to handle its technicalities. Although there are calls for the reform of Nigerian legislation on Arbitration, it is equally important to understand the reasons behind the attitude of the court by analyzing the development of case law in this area of Law in Nigeria. The analysis will look the legal regime on the recognition and enforcement of domestic and foreign arbitral awards. It would include an examination of the use of Customary Arbitration and the effect of the recognition and enforcement of customary arbitral awards.