In continuation of the Buhari administration’s continued efforts to improve Nigeria’s business environment, especially for Micro, Small and Medium Enterprises (MSMEs), the Business Facilitation (Miscellaneous Provision) Bill 2022, also known as the “Omnibus Bill”, was transmitted to the 9th National Assembly via a letter from President Muhammadu Buhari on June 20, 2022.
The Omnibus Bill was read on the floor by the President of the Senate, Dr Ahmad Lawan, and on the floor of the House of Representatives by the Deputy Speaker of the House of Representatives, Rt. Hon Ahmed Idris Wase. The Bill passed First Reading at the House immediately on June 22.
The Omnibus Bill is an intervention of the Presidential Enabling Business Environment Council (PEBEC), which is chaired by Vice President Yemi Osinbajo, SAN.
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The Bill aimed at consolidating and amending outdated legislative provisions towards removing bottlenecks for micro, small and medium enterprises, and also seeks to ensure the sustainability of the business climate and give statutory force to Executive Order 001 of 2017 on the promotion of Transparency and Efficiency in the Business.
Stakeholders agree that the speedy passage of the Bill by both chambers of the 9th National Assembly and signed into law by the President will further boost the attendant benefits for the Nigerian economy.
It would be recalled that the Federal Executive Council (FEC) had approved the bill on March 23, this year. This bill is a culmination of four years of collaborative work by public and private sector stakeholders in the legal community anchored by the PEBEC through a sub-committee led by the Attorney General of the Federation and implemented by a technical working group with the Federal Ministry of Justice legal drafting team and representatives from leading law firms and consultancy firms.
Since it was established, the PEBEC has achieved the delivery of over 160 reforms and completed 7 National Action Plans.
Also, through PEBEC efforts, Nigeria moved an aggregate of 39 places on the World Bank Doing Business index between 2017 and 2019 and was twice named as one of the top 10 most improved economies in the world during the same period.