Buhari signs business facilitation bill into law

The Presidential Enabling Business Environment Council (PEBEC) says President Muhammadu Buhari has signed the business facilitation (miscellaneous provision) bill 2022, also known as the omnibus bill, into law.

Presented as an executive bill, the business facilitation (miscellaneous provision) act, 2023, is a legislative intervention by PEBEC, which amends 21 business-related laws, removing bureaucratic constraints to doing business in Nigeria.

The new law also codifies executive order 001 on transparency and efficiency in public service delivery, aimed at strengthening ease of doing business reforms across the country.

In a statement on Monday, Jumoke Oduwole, special adviser to the president on ease of doing business and PEBEC secretary, said the assent to the bill marked an important step in the delivery of an enabling environment for micro, small and medium-sized enterprises (MSMEs) in Nigeria.

She said the PEBEC secretariat is extremely grateful to see the 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),” Oduwole said.

“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.”

In December 2022, the senate passed the bill following its earlier passage by the house of representatives.