Today, the Senate President, Dr. Abubakar Bukola Saraki received a report from Adam Smith International (ASI) on the institutional, regulatory, legislative and associated instruments affecting businesses in Nigeria.
The report identifies the significance of Micro, Small and Medium Enterprises (MSMEs) to Nigeria’s economy and the need to amend, repeal or create legislation that would significantly improve the Business environment in Nigeria.
Utilising the Doing Business Report 2016 and a collaborative survey conducted by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS) in 2013, the Consultants have sets out a menu of proposals to address the legal and regulatory problems facing micro, small and medium sized businesses in Nigeria.
It outlines necessary reforms for how government operates to support these businesses and to increase growth and prosperity. There is a single objective behind all the proposals: to create an environment where hardworking firms, and not just a select few individuals, can flourish.
The 13 page report, which can be accessed on the Senate President’s website highlights at least 25 high-priority legislative interventions and 5 medium-priority legislative interventions that the National Assembly can take to improve the business environment in Nigeria.
Additionally, the report highlights 23 high-priority bills, 10 medium-priority bills, and over 15 low-priority bills that can also aid in this process.
Some of the critical areas discussed in the report include the challenges that present themselves when Micro, Small and Medium-scale Enterprises (MSME) try to access finance and property, engage in dispute resolution, and make their tax payments.
You can access the executive summary of the report here.