Bill to remove bottlenecks for MSMEs in Nigeria passes second reading
The Business Facilitation (Miscellaneous Provision) Bill 2022, also known as the “Omnibus Bill” has passed Second Reading at the Senate of the Federal Republic of Nigeria.
The bill was passed yesterday Thursday, July 21, 2022, in Abuja.
The bill, an intervention of the Presidential Enabling Business Environment Council (PEBEC) aimed at consolidating and amending outdated legislative provisions toward removing bottlenecks for micro, small and medium enterprises.
It also seeks to ensure the sustainability of the business climate and give statutory force to Executive Order 001 of 2017 on the promotion of Transparency and Efficiency in the Business.
Recall that the Federal Executive Council approved the bill on March 23, 2022, which was a culmination of 4 years of collaborative work by public and private sector stakeholders in the legal community anchored by the PEBEC through a sub-committee led by the Attorney General of the Federation, and implemented by a technical working group with the Federal Ministry of Justice legal drafting team and representatives from leading law firms and consultancy firms.