FG approves bill to make Nigeria’s business environment more friendly, seeks NASS consent

The Federal Executive Council (FEC), was headed by President Muhammadu Buhari has endorsed a bill seeking to make the country’s business environment better suited for business.

Jumoke Oluwole, secretary of the Presidential Enabling Business Environment Council, stated that the Federal Ministry of Justice and the Nigeria Bar Association were involved in the process. He also mentioned the National Assembly Business Environment Roundtable, the Nigeria Bar Association and law firms.

Christened Business Facilitation Act (Miscellaneous Provisions Bill), the proposed legislation aims amend 23 business-related statutes and codify Executive Order 001, a directive requiring Ministries, Departments and Agencies, (MDAs), to publish licenses, permits, waivers and authorizations.

It will also alter the Companies and Allied Matters Act(CAMA), as well as the law establishing Nigeria Export Processing Zones Authority, (NEPZA), among other statutes.

A product of a review that began in 2017, the proposal, alternatively known as “Omnibus Bill,” will be dispatched any moment soon to the National Assembly for assent.

“The PEBEC is optimistic that the National Assemblys consideration and anticipated passage of the Omnibus Bill into law in the not so distant future will further improve the business environment in Nigeria thereby attracting the much needed participation and investment from the private sector necessary to actualize the funding objectives of the National Development Plan 2021,” Mr Oduwole said.

According to the World Bank report on Ease of Doing Business, 2020, Nigeria was ranked as one of the economies that showed the greatest improvement in the ranking table.

Overall, Nigeria was ranked 131 among 190 countries. This is a 15-place improvement from the 146th position it held last year, which was 55.6 per cent.

The bill, if passed into law will be believed to make the country’s business environment more friendly and attractive for investors. It will also make it easier for entrepreneurs to operate in the country.

“The first version of the Omnibus Bill was produced by the Federal Ministry of Justice (FMoJ) and presented to the PEBEC in 2019, Oduwole said.

“In 2020, the PEBEC Secretariat invited additional submissions to the Omnibus Bill from both public and private sector stakeholders. These submissions were reviewed by the PEBEC Secretariat’s Technical Committee. It included both private and public stakeholders.