Participants at the recent signing of the Business Facilitation (Miscellaneous Provision) Act 2023 voiced confidence in its ability to improve how simple it is to conduct business in both the public and private sectors, Entrepreneurng report.
They pointed out that the fundamental measures supporting accountability and openness for governmental organizations and commercial operations were included in the Act.
The speakers took the stage at a forum on business law and the Business Facilitation Act (BFA 2022) held in Lagos by the Nigerian Bar Association Section on Business Law.
Experts that spoke at the session were Dr. Jumoke Oduwole, Special Advisor to the President on Ease of Doing Business, Adeoye Adefulu, Chairman, NBA Section on Business Law (NBA-SBL), Toyin Bashir, Partner at Banwo & Ighodalo, and Folasade Olusanya, partner at Jackson, Etti & Edu.
Participants said that the NBA-SBL, the Presidential Enabling Business Environment Council, as well as the federal, state, and local governments, the judiciary, and the private sector, worked together to pass the Act.
Oduwole stated in her response that more than 40 law firms also contributed pro gratis to the creation of the Act.
She named several Act sections, some of which encourage the use of technology in Ministries, Departments, and Agencies. According to Oduwole, the Registrar-General of the Corporate Affairs Commission was instructed to make sure that all application processes were entirely automated by the revision to the Companies and Allied Matters Act 2020.
She claims that the primary goal of PEBEC is to create an environment for MSMEs that makes it simpler for them to launch and expand their enterprises.
Adefulu added that the law enacted on February 14, 2023, marked a crucial turning point in creating the nation’s economic environment by incorporating important elements of Executive Order 001. He exhorted attorneys to push their clients to make use of the Act.
“As attorneys and business professionals, we have a crucial role to play in ensuring that our clients and businesses use the Act and are familiar with its provisions so that we can contribute to the growth and development of the economy, create new jobs, and improve the quality of life for all Nigerians,” said Adefulu.
In addition, Bashir stated that the Act was established to address transparency and efficiency since government workers would be responsible for putting changes into place when they were enacted.
In conclusion, the government has now entered into a legally enforceable agreement with the public, effectively outlining those procedures, documentation, and timeliness once more, and we are holding them accountable for the material provided.
Source: punch
