States go into treatises in order to permit the nationals of one state to invest in another for mutual economic benefit and advancement. These treaties notwithstanding, disputes do come up as a result of the human tendencies and complexity of commerce. In Nigeria, certain statute such as law governing recognition and enforcement of arbitral agreement, law governing arbitration agreement, law governing substantive issues, law governing recognition and enforcement of award and the Arbitration and Conciliation Act, 1988 (ACA) and arbitration under Nigerian Investment Promotion Commission (NIPC) makes provision for arbitration in the amicable settlement of investment disputes. This study therefore reveals that for the aim of having a uniform framework for the settlement of investment disputes, the International Centre for Settlement of Investment Dispute (ICSID) was created. The study also reveals that some of the statute prescribe mandatory arbitration and as such negates agreement and party autonomy. The article recommends that the statutes be reformed to be in line with jurisprudence of arbitration.