MSMEs Bill passes second reading 

The Business Facilitation (Miscellaneous Provision) Bill 2022 is a step closer to becoming law after it passed second reading at the Nigerian Senate yesterday. 

What’s the Bill about? 

Also known as the “Omnibus Bill”, it seeks to consolidate and amend outdated legislative provisions in the Nigerian business environment, and remove bottlenecks for Micro, Small, and Medium Enterprises (MSMEs). Additionally, it aims to grant Executive Order 001 of 2017 – on the promotion of Transparency and Efficiency in  Business – statutory authority and guarantee the sustainability of the business climate. 

Origin of the Bill The Federal Executive Council approved the bill on March 23, 2022, marking the conclusion of 4 years of work by public and private sector stakeholders in the legal community. The joint work, anchored by the Presidential Enabling Business Environment Council (PEBEC) through a subcommittee led by the Attorney General of the Federation, was carried out by a technical working group with members from the Federal Ministry of Justice’s legal drafting team and prominent law firms and consulting firms. 

The Presidential Enabling Business Environment Council (PEBEC) is an agency of the federal government inaugurated in 2016 by president Muhammadu Buhari, with a mandate to remove bureaucratic constraints of doing business in Nigeria. In collaboration with Ministries, Departments, and Agencies (MDAs) and other partners, PEBEC works to reduce the costs, time, and number of procedures in the process of setting up and doing business in Nigeria. 

See also  The wealth of world’s wealthiest people is declining

Similar Posts