Ease of Doing Business: ‘Omnibus Bill’ passes second reading 

The Senate of the Federal Republic of Nigeria on Wednesday passed through the second reading, the Business Facilitation (Miscellaneous Provision) Bill 2022 , also known as the “Omnibus Bill”.

The proposed legislation seeks to promote the ease of doing business by amending relevant legislation to strengthen businesses in Nigeria and attract more foreign investment, a statement signed by the Special Adviser to the President on Ease of Doing Business, Dr Jumoke Oduwole reveals.

The Bill is an intervention of the Presidential Enabling Business Environment Council (PEBEC) aimed at consolidating and amending outdated legislative provisions towards removing bottlenecks for micro, small and medium enterprises. It also seeks to ensure the sustainability of business climate and give statutory force to Executive Order 001 of 2017 on the promotion of Transparency and Efficiency in the Business.

Recall that the that the Federal Executive Council approved the bill on March 23, 2022,  which was a culmination of 4 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. 

PABEC believes that taking affirmative steps and due process on the ease of doing business would trickle down to the ease of delivering national economic prosperity, including achieving distinctive national aspirations.