President Muhammadu Buhari has signed the Business Facilitation (Miscellaneous Provision) Bill 2022 (also known as the Omnibus Bill) into law.
Dr. Jumoke Oduwole, Special Adviser to the President, Ease of Doing Business/ PEBEC Secretary revealed this via a press release, earlier today.
The development marks an important step in the delivery of an enabling environment for micro, small and medium-sized enterprises (MSMEs) in Nigeria.
Presented as an Executive Bill, the Business Facilitation (Miscellaneous Provision) Act, 2023 is a legislative intervention by the Presidential Enabling Business Environment Council (PEBEC) which amends 21 business related laws, removing bureaucratic constraints to doing business in Nigeria.
The new law also codifies the Executive Order 001 on Transparency and Efficiency in Public Service Delivery, the Administration’s first executive order, aimed at strengthening ease of doing business reforms across the country.
Oduwole stated that “The PEBEC Secretariat is extremely grateful to see this Act come into fruition. 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).”
“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.”
The Business Facilitation Act, 2023 consolidates the last seven years of PEBEC-led reforms and demonstrates the Administration’s sustained commitment towards making Nigeria a progressively easier place to start and grow a business.