Dr Jumoke Oduwole, Special Adviser to the President on Ease of Doing Business has stated that the Business Facilitation Bill will improve transparency, remove outdated provisions from relevant laws, and provide incentives to encourage Micro, Small, and Medium Enterprises (MSMEs) participation in business
Dr Oduwole stated this in a statement on Thursday in Abuja after the Federal Executive Council approved the bill this week, according to NAN.
She added that the bill also provides for ease in the procedure for an increase in share capital.
What Oduwole is saying
She revealed that the Business facilitation Bill, also known as the Omnibus Bill was introduced to amend specific laws relating to ease of doing business, which is needed to drive legislative reform in the Nigerian business system.
Oduwole, who is also the Secretary to the Presidential Enabling Business Environment Council (PEBEC) stated that “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.
“The bill sought 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.”
She said it would also improve transparency, remove outdated provisions from relevant laws, and provide incentives to encourage Micro, Small, and Medium Enterprises (MSMEs) participation in business.
She added that Nigeria Export Processing Zones Authority (NEPZA) Act and CAMA have been reconciled to recognise the exemption of free trade zone companies licensed by NEPZA from company registration, citing that the Bill also provides for ease in the procedure for increase in share capital by including the option for such decisions to be determined by a resolution of the Board of Directors.
This she says will encourage flexibility in terms of prohibited products and prohibition scope, allowing them to align with economic realities at any given time.
In case you missed it
- Nairametrics reported recently the Federal Executive Council approved the Business Facilitation Bill called the Omnibus Bill for transmission to the National Assembly.
- The Omnibus Bill which seeks to amend twenty-three (23) business-related laws in Nigeria, is sponsored by the Presidential Enabling Business Environment Council (PEBEC) aimed at improving the business environment in Nigeria.