Corporate Governance & Ease Of Doing Business In Nigeria: Innovations From The Business Facilitation (Miscellaneous Provision) Act, 2022
Author: Musa Kalejaiye and Fauziyah Oladosu
Like several other countries, there is a constant need to improve Nigeria’s business climate and of doing business in line with emerging trends in regional and global markets. This is further accentuated by the drive to explore the enormous potential of the Nigerian economy and attract more investments. Responsively, the Nigerian government, in recent times, has attempted to remove administrative bottlenecks and create new opportunities for businesses to thrive through the enactments of industry-specific and generic legislations, such as the Finance Acts, Petroleum Industry Act 2022, Companies and Allied Matters Act 2020, Federal Competition and Consumer Protection Act, 2019; Nigeria Startup Act 2022, among others.
Consolidating on previous efforts aimed at improving the ease of doing business in Nigeria, the Business Facilitation Bill 2022 [now Business Facilitation (Miscellaneous Provision) Act, 2022] was recently signed into law. While this is historic as it marks the first of its kind in the country, it is necessary to note that the new law amends 21 business-related existing laws with proactive steps to remove bottlenecks in doing business in Nigeria.
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