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National Assembly Takes Steps On Improving Ease of Doing Business in Nigeria

Proshare

Wednesday, January 18, 2017 3.45 PM /Proshare WebTV

The World Bank 2017 report on Doing Business, covering 190 countries revealed that in Africa Mauritius(49), Rwanda(56), Morocco(68), Botswana(71) and South Africa (74) where the top countries with on the “Ease of Doing Business”. 

Nigeria is not doing well in this space as it currently ranks 169 out of the 190 countries, which is one of the impediments to the economy and a challenge for businesses. 

An interesting fact was that Brunei Darussalam, Kazakhstan, Kenya, Belarus, Indonesia, Serbia, Georgia, Pakistan, the United Arab Emirates, and Bahrain, were the most improved economies in the 2015/16 report because the 10 economies according to World bank, implemented 48 regulatory reforms, making it easier to do business. 

It is therefore not surprising that the 8th National Assembly is focused on improving the Nigerian business environment, with key legislations cutting across vital sectors of the economy. 

In partnership with the Nigeria economic summit group (NESG), the National Assembly Business Environment Roundtable (NASSBER) is the forum for the strategic engagement between the legislature and private sector players on critical public policies, that can move the nation’s economy forward. 

Considering the economic recession, the National Assembly Chaired by Senate President Dr. Bukola Saraki is committed to ensuring that it passes the critical bills, that will lead to quick recovery and most importantly boost Nigeria’s “Doing Business Report Ranking”. 

Through NASSBER there has been a comprehensive review of legal instruments affecting business in the country, with a view to exploring the best legislative approach. 

This week the Senate has been giving attention to some of the 11 key priority bills, designed to resposition the Nigerian economy, steering it out of the recession and creating jobs for the unemployed youth. 

Wednesday January 18th, 2016 the upper chamber gave Second reading to the amendment of Company and Allied Matters Act (CAMA), which is seeking the establishment of State Corporate Affairs Commissions, to register businesses at the State level. 

Tomorrow Thursday January 19th the Nigerian Ports and Harbour Bill of 2017, is listed for the Third Reading and is aimed at improving efficiency, transparency and accountability in ports across the country. 

Other bills that are priority for the Senate and Acts for amendment include the Petroleum Industry Bill, Public Procurement Act Amendment, National Development Bank of Nigeria(Establishment Bill), Nigerian Roads Fund (Establishment Bill), National Transportation Commission Act, Investments & Securities Act, Warehouse Receipts Act, Federal Competition Bill, National Road Authority Bill and Customs and Excise Management Act. 

Senate President Dr Bukola Saraki asserted at the last NASSBER forum at the 22nd Nigerian economic summit, that the 8th National Assembly which is a positive development for Nigeria. We anticipate that Nigeria should experience an improvement in the next  “Ease of Doing Business” ranking as a result of the pro-business legislations provided by the National Assembly. 

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