This article gives a general overview of an alternative dispute resolution (ADR) mechanism known as “conciliation” and the legal framework relating to its practice in Nigeria. Using the UNCITRAL Model Law on International Commercial Conciliation as a normative framework, the article critically analyses the proposed reforms to the existing legal framework for conciliation in Nigeria which are contained in the Nigerian Federal Arbitration and Conciliation Draft Bill and exposes some of its deficiencies. It also investigates the effect of the statutes of limitation on conciliation proceedings. The article also suggests that the institutionalization of conciliation will enhance its viability as an ADR mechanism in Nigeria.