The Senate of the Federal Republic of Nigeria has passed the Second Reading of
Business Facilitation (Miscellaneous Provision) Bill 2022, at the floor of the Senate on Wednesday, July 20.
The Bill also known as the “Omnibus Bill”, is an intervention of the Presidential Enabling Business Environment Council (PEBEC) .
It’s chaired by Vice President Yemi Osinbajo, which is targeted at consolidating and amending outdated legislative provisions towards removing bottlenecks for Micro, Small and Medium enterprises (MSMEs).
The Bill also seeks to ensure the sustainability of the business climate and give statutory force to Executive Order 001 of the 2017 on the promotion of Transparency and Efficiency in the Business.
Recall that the Federal Executive Council (FEC), approved the bill on March 23, 2022, which was a culmination of four years of collaborative work by public and private sector stakeholders in the legal community.
The Bill was anchored by the PEBEC through a sub-committee led by the Honourable Attorney General of the Federation.
The Network gathered that it was then implemented by a technical working group with the Federal Ministry of Justice legal drafting team and representatives from leading law firms and consultancy firms.
Special Adviser to the President,
Ease of Doing Business, PEBEC Secretary, Dr Jumoke Oduwole, stated in a statement, that since it was established, the PEBEC has achieved the delivery of over 160 reforms and completed seven 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.” The statement said.