The Business Facilitation (Miscellaneous Provision) Bill 2022 has been signed into law by President Muhammadu Buhari, the Presidential Enabling Business Environment Council (PEBEC) announced on Monday.
The legislation was passed by the Senate and House of Representatives in December 2022, and Buhari signed it as the administration continued its changes to make it easier for businesses to operate in Nigeria.
The Business Facilitation Act of 2023, sometimes referred to as the Omnibus Act, was promoted by PEBEC to clear up any obstacles to doing business in the nation.
According to the statement released by the Special Adviser to President Buhari on ease of doing business, Jumoke Oduwole, on Monday, the act, which was drafted as an executive bill, also led to the amendments of 21 business-related laws.
The act is expected to favour micro, small and medium-sized enterprises (MSMEs) in Nigeria, as it creates an enabling environment.
“It is a culmination of over four years of collaboration between public and private sector stakeholders, including the attorney general of the federation, and the federal ministry of justice, the Nigeria Bar Association section on business law through the participation of over 40 law firms and consulting firms, the Nigerian Economic Summit Group (NESG), and the national assembly business environment roundtable (NASSBER),” Oduwole said.
Oduwole, who doubles as PEBEC secretary added “We are especially delighted to appreciate the 9th national assembly for its speedy consideration of this bill, with immense support from senator Babajide Omoworare, senior special assistant to the president on national assembly matters (senate) all his efforts.”