The Business Facilitation (Miscellaneous Provision) Act, 2023 signed into law by President Muhammadu Buhari is yet another milestone in the life of the Buhari administration.
The Buhari Media Organisation (BMO) said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that the new law will go a long way to further remove bottlenecks that have over the years hampered small and medium-scale businesses in the country.
“The President’s assent is the climax of what began in 2018 when the Presidential Enabling Business Environment Council (PEBEC) launched an initiative to consolidate existing legislative provisions in line with the mandate it was given by the President to ensure a business-friendly environment.
”We invite Nigerians to note that at the end of the 4-year-long collaboration between key private and public sector players, Buhari sent an executive bill to the National Assembly designed to strengthen ongoing reforms and consolidate legislative provisions that border on ease of doing business in Nigeria.
“For the avoidance of doubt, the Business Facilitation Bill, also known as the Omnibus Bill, now replaces a collection of 23 business facilitation laws, which were identified as critical to the business environment in Nigeria.
“And for us, it is one Act that can be described as a Buhari legacy to boost small businesses which have been bogged down over the years by outdated laws.
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“We have no doubt that the new law will go a long way in delivering an enabling environment for micro, small, and medium-sized enterprises (MSMEs) to thrive in the country,” the group added.
BMO also hailed the two chambers of the National Assembly for ensuring the passage of the executive bill within one year.
“We want to put it on record that the Omnibus bill was approved by the federal executive council in March 2022 and subsequently sent to the National Assembly. It was passed by the House of Representatives a few months later in October and the Senate, in December of the same year.
“So the federal legislature deserves plaudits for giving speedy consideration to a bill that is bound to make the business environment friendlier and more attractive for investors.
“We also hail the PEBEC secretariat for its diligence in facilitating the process that led to the private-public sector collaboration on the bill”.
The new Act codifies Executive Order 001, which requires Ministries, Departments, and Agencies (MDAs) to publish licenses, permits, waivers, and approvals.
