Some experts have commended President Muhammadu Buhari for signing into law, the Business Miscellaneous Provision Bill 2022, also known as the Omnibus Bill, describing the move as good for the economy.
The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, told Nairametrics that the move is a step in the right direction as it will make it easier for SMEs to thrive.
Dr. Felix Echekoba, a lecturer in the Department of Banking and Finance, Nnamdi Azikiwe University, Awka, said the Omnibus Act is coming late, but better late than never. He praised Buhari for the courage and foresight to append his signature to the bill.
Dr. Nelson Nkwo, a lecturer at Ebonyi State University, said when SMEs thrive, there is usually a leap in economic growth. He added that SMEs are the biggest employers of labour and the backbone of economic growth.
- “Therefore, any act that makes it easier for SMEs to do business is a welcome development that should be commended,” he said.
For the record
Recall that Dr. Jumoke Oduwole, Special Adviser to the President on Ease of Doing Business and Secretary of the Presidential Enabling Business Environment Council (PEBEC) announced on Friday that President Buhari had signed the Omnibus Bill into law.
In the statement, Oduwole said the bill will aid the ease of doing business for small business owners in the country. She said the move marks an important step in the delivery of an enabling environment for micro, small and medium-sized enterprises (MSMEs) in Nigeria.
Presented as an Executive Bill, the Business Facilitation (Miscellaneous Provision) Act, of 2023 is a legislative intervention by the PEBEC which sought to amend 21 business-related laws. It removes bureaucratic constraints to doing business in Nigeria.
The new law also codifies Executive Order 001 on Transparency and Efficiency in Public Service Delivery, the administration’s first executive order, aimed at strengthening ease of doing business reforms across the country.
Four years of collaboration
According to Oduwole, it is a culmination of over four years of collaboration between public and private sector stakeholders. The stakeholders include the Federal Ministry of Justice, and the Nigeria Bar Association Section on Business Law through the participation of over 40 law firms and consulting firms. The Nigerian Economic Summit Group (NESG) and the National Assembly Business Environment Roundtable (NASSBER) are also part of the team.
The PEBEC secretary said the Business Facilitation Act, of 2023 consolidates the last seven years of PEBEC-led reforms.
Oduwole said it also demonstrated the administration’s sustained commitment towards making Nigeria a progressively easier place to start and grow a business.