The new Business Facilitation Bill has been forwarded to President Muhammadu Buhari for final approval by the 9th National Assembly.
This information was revealed in a statement issued on Friday by Dr. Jumoke Oduwole, the President’s Special Advisor on the Ease of Doing Business/Presidential Enabling Business Environment Council (PEBEC).
The bill, also known as the Omnibus Bill, was sent before the 9th National Assembly resumed its legislative activities the following week.
About the bill
In order to act as a catalyst for legislative reform of the Nigerian business climate, Dr. Jumoke Oduwole explained that the Omnibus bill was intended to amend specific laws relating to ease of doing business and incorporate such amendments into a single piece of legislation.
The PEBEC Secretariat commenced a review of Nigerian Business Laws in 2017, together with several public sector and private sector stakeholders. This includes the Federal Ministry of Justice.
The Section on Business Law of the Nigerian Bar Association (through the participation of over 40 law firms and consulting firms), the Nigerian Economic Summit Group, and the National Assembly Business Environment Roundtable (NASSBER).
Sequel to the review, the Secretariat invited submissions from various public sector stakeholders.
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.
In 2020, the PEBEC Secretariat invited additional submissions to the Omnibus Bill from both public and private sector stakeholders and subsequently drafted and finalised by the Legal Drafting Department of the Federal Ministry of Justice in November 2021.
The Business Facilitation Bill was approved by the Federal Executive Council (FEC) in March 2022 to encourage business facilitation in the nation.
President Muhammadu Buhari sent the bill to the National Assembly in June 2017 for review and approval.
In the letter, Buhari claimed that the swift review and approval of the bill would enhance the convenience of conducting business in the nation.
Pursuant to Section 58(2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), I forward herewith the Business Facilitation (Miscellaneous Provision) Bill 2022 for the kind consideration of the Senate.
Business Facilitation (Miscellaneous Provision) Bill 2022 seeks to promote the ways of doing business in Nigeria by amending relevant legislation.
While hoping that this submission will receive the usual expeditious consideration of the senate, please accept, Distinguished Senate President, the assurances of my highest consideration.
