The Business Facilitation (Miscellaneous Provision) Bill 2022, popularly referred to as the Omnibus Bill, has been signed into law by President Muhammadu Buhari.
President’s signature on the Bill was a significant step in creating an environment in Nigeria that would support Micro, Small, and Medium-sized Enterprises (MSMEs).
The Business Facilitation (Miscellaneous Provision) Act, 2023, which the Presidential Enabling Business Environment Council (PEBEC) introduced as an Executive Bill, changes 21 business-related legislation and removes bureaucratic barriers to conducting business in Nigeria.
Additionally, the new law codifies the administration’s first executive order, Executive Order 001 on Transparency and Efficiency in Public Service Delivery, which aims to strengthen corporate reforms across the nation.
In a statement released yesterday in response to the event, Dr. Jumoke Oduwole, Special Advisor to the President on Ease of Doing Business and Secretary of PEBEC, said the PEBEC Secretariat is exceedingly delighted to see this Act come into being.
The Federal Ministry of Justice, the Nigeria Bar Association Section on Business Law, which included participation from over 40 law firms and consulting firms, the Nigerian Economic Summit Group (NESG), and the National Assembly Business Environment Roundtable (NASSBER), among others, have been working together on it for more than four years.
The Business Facilitation Act, of 2023 unifies the reforms implemented over the previous seven years under the leadership of PEBEC and exemplifies the Administration’s ongoing commitment to making Nigeria progressively simpler for entrepreneurs to launch and expand their businesses.
