According to PEBEC, the Business Facilitation Bill will provide advantages to MSME's
- Posted on March 25, 2022
- By Faith Tiza
The Business Facilitation Bill, according to Dr.
Jumoke Oduwole, Special Adviser to the President on Ease of Doing Business,
will improve transparency, remove outdated provisions from relevant laws, and
provide incentives to encourage Micro, Small, and Medium Enterprises (MSMEs)
participation in business.
According to NAN, Dr. Oduwole revealed this in a statement issued on Thursday in Abuja after the Federal Executive Council passed the law this week. She went on to say that the measure simplifies the procedure for increasing share capital.
What Oduwole has to say
She stated that the Business Facilitation Bill, also known as the Omnibus Bill, was introduced to change particular laws relating to ease of doing corporate in Nigeria, which is required to stimulate legislative reform in the Nigerian business sector.
"In 2018, the Federal Ministry of Justice created the first version of the Omnibus Bill, which was given to the PEBEC in 2019," said Oduwole, who is also the Secretary of the Presidential Enabling Business Environment Council (PEBEC).
"Various Ministries, Departments, and Agencies (MDAs) were then engaged in stakeholder engagements to sensitize them on the contents of the first draft of the Omnibus Bill." The bill aimed to reform 23 business-related legislation in Nigeria, with the overarching goal of "ensuring efficiency in public service delivery in terms of time, cost, and procedure for doing business."
She added that it would also increase transparency, remove outdated sections from key legislation, and create incentives to encourage involvement in business by Micro, Small, and Medium Enterprises (MSMEs).
She went on to say that the Nigeria Export Processing Zones Authority (NEPZA) Act and CAMA have been reconciled to recognize the exemption of NEPZA-licensed free trade zone companies from company registration and that the Bill also simplifies the procedure for increasing share capital by including the option for such decisions to be determined by a Board of Directors resolution.
This, she claims, will foster flexibility in terms of prohibited products and restriction breadth, allowing them to adapt to changing economic realities.
The Federal Executive Council has approved the Business Facilitation Bill, often known as the Omnibus Bill, for transmission to the National Assembly.
The Presidential Enabling Business Environment Council (PEBEC) is sponsoring the Omnibus Bill, which aims to improve Nigeria's business environment by amending twenty-three (23) business-related laws.
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