Nigeria’s President Signs Bill to Ease Doing Business for Small Enterprises

Nigeria’s President, Muhammadu Buhari, has signed an omnibus bill known as the Business Facilitation (Miscellaneous Provision) Bill 2022. The new legislation seeks to ease the process of doing business in the country, particularly for small and medium-sized enterprises (MSMEs).

The omnibus bill modifies 21 business-related regulations and eliminates bureaucratic barriers that often hinder the growth and success of MSMEs in Nigeria. It also codifies Executive Order 001 on Transparency and Efficiency in Public Service Delivery, which aims to streamline and improve the ease of doing business reforms across Nigeria.

Dr. Jumoke Oduwole, who represents the Presidential Enabling Business Environment Council (PEBEC), has praised the signing of the bill, stating that it is the result of several years of collaboration between the public and private sectors. The new legislation consolidates seven years of PEBEC-led reforms and demonstrates the government’s continued commitment to creating a favorable environment for entrepreneurs in Nigeria.

It’s worth noting that the term “omnibus” refers to a single document that contains many different parts or components, in this case, the Business Facilitation (Miscellaneous Provision) Bill 2022 contains modifications to 21 business-related regulations. By presenting the bill as an omnibus bill, the Nigerian government is making it easier to pass and implement reforms by avoiding the need for multiple legislative actions.

Overall, the signing of the Business Facilitation (Miscellaneous Provision) Bill 2022 is a significant step toward promoting economic growth and development in Nigeria. It represents the government’s commitment to removing obstacles and creating a more conducive environment for businesses to thrive, particularly for MSMEs.

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