The Federal Ministry of Industry, Trade and Investment (FMITI) has unveiled a regulatory impact analysis (RIA) framework to enhance the business regulatory landscape and drive economic transformation.

This framework, which comes into effect this month, is designed to help ministries, departments and agencies (MDAs) systematically assess the potential positive and negative impacts of proposed regulations.

This was unveiled by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, at the second foreign direct investment (FDI) roundtable and regulators’ forum held in Abuja, last week. She said the roundtable served as a significant platform to reaffirm Nigeria’s position as a premier investment destination in Africa. As one of Africa’s largest economies and most populous country, she said, Nigeria is uniquely positioned to drive economic transformation on the continent and globally. She said policies and regulations introduced by regulators may (de)stabilise the business environment.

“The Presidential Enabling Business Environment Council (PEBEC) is mandated to create and sustain such an environment by eliminating bureaucratic and legislative bottlenecks while improving the perception of doing business in Nigeria. Achieving regulatory synergy is central to the fulfilment of this mandate,” she said.

The minister said the Vice President and PEBEC Chair, Kashim Shettima, hosted the inaugural Regulators’ Forum in September and following this forum, in agreement with regulatory agencies, decided to put together the framework.

“I must commend the Technical Working Group (TWG) comprising participating MDAs and the PEBEC Secretariat for their dedication since October 3, 2024, when we commenced this journey, in co-developing this framework, which will become effective February 2025, through the Office of the Secretary to the Government of the Federation of Nigeria (SGF) and will apply to all federal MDAs,” she stated.

Oduwole said the RIA Framework would usher in a new era of regulatory excellence, foster transparency, efficiency and accountability in Nigeria’s regulatory landscape and drive sustainable growth through a more enabling business environment.

Highlighting some initiatives the ministry has undertaken to enhance Nigeria’s investment climate, she said they are prioritising enhancing Domestic and Foreign Direct Investment by strengthening investment mobilisation through retention and attraction.

“I am encouraged by the 100 companies with a collective investment size of USD 15.2 billion which have been operational in Nigeria for over a decade. We are looking at addressing visa costs, facilitation of investors and presence of headquarters in Nigeria,” she said.