The Federal Executive Council (FEC) presided over by President Muhammadu Buhari has endorsed a bill seeking to make the country’s business environment better suited for business.
The Presidential Enabling Business Environment Council (PEBEC) Secretary and Special Adviser to the President on Ease of Doing Business, Dr. Jumoke Oduwole, said this on Thursday in Abuja.
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She said that the Federal Ministry of Justice, the Nigeria Bar Association, the National Assembly Business Environment Round-table and law firms were involved in the process.
According to her, in line with the continuous commitment to improving the business environment in Nigeria through legislative interventions, PEBEC is sponsoring the ‘Business Facilitation (Miscellaneous Provisions) Bill’ otherwise known as the ‘Omnibus Bill’.
“The Omnibus Bill is aimed at amending specific laws relating to ease of doing business and embody such amendments into a single legislation to act as a catalyst for legislative reform of the Nigerian business climate,” Oduwole said.
She said that the proposed legislation aims to amend 23 business-related laws and codify Executive Order 001, which requires Ministries, Departments and Agencies (MDAs) to publish licenses, permits, waivers and approvals.
It will also modify the Companies and Allied Matters Act (CAMA) as well as the law establishing the Nigeria Export Processing Zones Authority (NEPZA) among other statutes.
She said, “The PEBEC is optimistic that the National Assembly’s consideration and anticipated passage of the Omnibus Bill into law in the not-so-distant future will further improve the business environment in Nigeria thereby attracting the much-needed participation and investment from the private sector necessary to actualize the funding objectives of the National Development Plan 2021.
“In 2020, the PEBEC Secretariat invited additional submissions to the Omnibus Bill from both public and private sector stakeholders. These submissions were reviewed by a Technical Committee constituted by the PEBEC Secretariat which included both private and public stakeholders.
“The Omnibus Bill is seeking to amend 23 business related laws in Nigeria and the overall benefits of the Bill include ensuring efficiency in public service delivery in terms of time, cost, and procedure for doing business, improving transparency, removing outdated provisions from relevant laws, and providing incentives to encourage Micro, Small, and Medium Enterprises (MSMEs) participation in business, among other things.”