The Business Facilitation (Miscellaneous Provision) Bill 2022 has now been forwarded by the National Assembly to President Muhammadu Buhari for his signature following earlier passage by the House of Representatives and the Senate.
The bill is intended to reinforce ongoing reforms and consolidate legislative provisions that are related to the ease of doing business in Nigeria, according to a statement released yesterday by Dr. Jumoke Oduwole, Special Adviser to the President on Ease of Doing Business/PEBEC Secretary.
According to her, the Business Facilitation Bill aims to institutionalize changes to the business climate as well as codify Executive Order 001 (EO1) on Transparency and Efficiency in Public Service Delivery. It also seeks to amend a few business facilitation laws that have been identified as essential to the ease of doing business in Nigeria.
“The transmitted bill is a culmination of 4 years of collaboration of public and private sector stakeholders since 2018, including the Federal Ministry of Justice (FMoJ), the Section on Business Law of the Nigerian Bar Association 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).
“The omnibus bill is an intervention of the Presidential Enabling Business Environment Council (PEBEC), chaired by Vice President Yemi Osinbajo, to consolidate and amend legislative provisions towards deepening PEBEC reforms and removing bottlenecks for Micro, Small, and Medium-sized Enterprises (MSMEs) in Nigeria.
“The business community eagerly looks forward to the bill being signed into law by President Muhammadu Buhari in order to reap the attendant benefits for the Nigerian economy,” she added.