Home News Business Facilitation Act Will Create Vibrant SMEs—Buhari

Business Facilitation Act Will Create Vibrant SMEs—Buhari

by Harry Choms
Business Facilitation Act

President Muhammadu Buhari has stated that the Business Facilitation Act will benefit the Nigerian economy by allowing it to grow, create jobs, and revitalise the country’s small and medium enterprise sector.

On Thursday, President Buhari received the Governing Council and members of the Institute of Directors, led by its President and Chairman, Mrs Ije Jidenma, at State House in Abuja.

In his words;

I was particularly interested to learn that you not only cater to large corporates but are aware that for any economy to grow and create jobs, we need an equally vibrant and successful small and medium enterprise sector.

This administration has, despite the difficult times brought upon us by a variety of external shocks, done much to ensure the survival and development of SMEs.

It is also my pleasure to share with you that your visit comes just a month after I signed into law the Business Facilitation Bill, which eases various constraints for micro, small, and medium-sized enterprises. I am confident that this act will go some way in improving our business environment, especially for the MSMEs.

While congratulating the Institute on its 40th anniversary, President Buhari emphasised the Institute’s commitment to nation-building, emphasising the values of transparency and good business ethics. He urged all stakeholders to recognise the important roles that the Institute can play in providing a foundation for economic development.

Let me congratulate the Institute on attaining this very important milestone of 40 years in existence. This is certainly a proud moment not just for the Institute but for the nation as it signifies your commitment towards the objective of improved corporate governance, ethical business practices, improved corporate governance, and transparency.

These values are not just important pillars in the private sphere. They are also the keys to success in governance in the public sector, where the people have handed to us in trust, the responsibility to lead, guide, and protect them.

As our economy and conversely our private sector continues to grow and evolve, it behoves all stakeholders to recognize that such a resourceful institution not only exists but is equipped and capable of providing the necessary support and development for the country.

Mrs Jidenma noted in her remarks that the reforms implemented in various sectors of the Nigerian economy over the last eight years had raised expectations of business leaders and boards of public sector organisations.

This, according to the Council President, has prepared the Institute to maintain its leadership role in the orientation and capacity development of these Directors so that they can carry out their mandates.

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