Nigeria’s President, Muhammadu Buhari, is expected to sign the Business Facilitation Bill into law after it was transmitted to the presidency on Friday.
The transmission of the bill was disclosed in a statement issued by Dr Jumoke Oduwole, Special Adviser to the President on Ease of Doing Business/ Presidential Enabling Business Environment Council (PEBEC).
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The bill, which is also known as the Omnibus Bill, was transmitted ahead of next week’s resumption of legislative activities by the 9th National Assembly.
The Omnibus bill was aimed at amending specific laws relating to ease of doing business and embodying such amendments into single legislation to act as a catalyst for legislative reform of the Nigerian business climate, according to Dr Oduwole.
“The PEBEC Secretariat commenced a review of Nigerian Business Laws in 2017, together with several public sector and private sector stakeholders. This includes the Federal Ministry of Justice,” she said.
“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, and the National Assembly Business Environment Roundtable (NASSBER).
“Sequel to the review, the Secretariat invited submissions from various public sector stakeholders.
“In 2018, the first version of the Omnibus Bill was produced by the Federal Ministry of Justice and presented to the PEBEC in 2019.
“Stakeholder engagements were thereafter held with various Ministries, Departments, and Agencies (MDAs) to sensitise them on the contents of the first draft of the Omnibus Bill.
“In 2020, the PEBEC Secretariat invited additional submissions to the Omnibus Bill from both public and private sector stakeholders and subsequently drafted and finalised by the Legal Drafting Department of the Federal Ministry of Justice in November 2021,” Oduwole added.
Recall in March 2022, the Federal Executive Council (FEC) approved the Business Facilitation Bill to promote ease of doing business in the country.
In June last year, President Muhammadu Buhari forwarded the bill to the National Assembly for consideration and passage.
In the letter, Buhari said that the expeditious consideration and passage of the bill would promote the ease of doing business in the country.
“Pursuant to Section 58(2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), I forward herewith the Business Facilitation (Miscellaneous Provision) Bill 2022 for the kind consideration of the Senate.
“Business Facilitation (Miscellaneous Provision) Bill 2022 seeks to promote the ways of doing business in Nigeria by amending relevant legislation.
“While hoping that this submission will receive the usual expeditious consideration of the senate, please accept, Distinguished Senate President, the assurances of my highest consideration.”
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