The Speaker of the House of Representatives, Abbas Tajuddeen, has lamented that, archaic legislations and regulations are creating barriers to investors, entrepreneurs and making Nigeria’s economic landscape difficult.
He stated this in an opening remark at the public hearing on five bills organised by the House Committee on Commerce on Wednesday.
The Bills were Bills for the establishment of the Chartered Institute of Co-operators and Social Enterprise Management; Institute of Debt Recovery Practitioners of Nigeria; Agro Processing Export Free Zone; Integrated Corporate Data Management Commission; and Institute of Chartered Corporate and the Bill for Business Affairs Management of Nigeria.
He noted that, those outdated laws and regulations hindered the smooth operation of public institutions responsible for facilitating business activities and exacerbated the challenges already facing the country’s economic landscape.
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He said, “The economic landscape of our country is facing significant challenges, exacerbated by outdated laws and regulations that hinder the smooth operation of public institutions responsible for facilitating business activities.
“These obstacles have created barriers to entry for entrepreneurs and investors, stifling innovation and growth in key sectors of our economy.
“One of the pressing issues we face is the absence of professional bodies to oversee and regulate important sectors such as debt recovery practitioners, co-operators, social entrepreneurs, agro-processing exporters, corporate data management, and corporate affairs management.
“Without proper oversight and regulation, these sectors are vulnerable to exploitation and malpractice, which can have far-reaching consequences on our economy.
“The establishment of these proposed institutions therefore, signifies a proactive approach towards enhancing professionalism, efficiency, and accountability within these key sectors of our economy.
“These institutions will not only provide much-needed oversight but also set standards, ethics, and best practices in their respective fields. By creating specialised bodies such as the Chartered Institute of Co-operators and Social Enterprise Management, we aim to promote cooperative enterprises and social entrepreneurship as viable means for inclusive economic development”.
On his part, Chairman of the Committee on Commerce, Rep. Ahmed Munir, assured that, the House would collaborate with other arms of government and stakeholders on that passage of the Bills into law.
He therefore called on the stakeholders to make their inputs to assist the National Assembly in making laws that would positively impact the wellbeing of all Nigerians.
He assured that the committee would make good use of all the opinions and suggestions presented at the public hearing.
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