NASS urged to review laws inhibiting business
By our Correspondent
The National Assembly h been urged to review some of the existing business laws in order to provide the enabling environment to attract more investment into the country.
The Minister of Industry, Trade and Investment, Dr Okey Enelamah, gave the advice on Thursday when he was before the House of Representatives for the ongoing “Sectoral Debate’’ on strategies for the diversification of the nation’s economy.
According to him, the legislative intervention was crucial to guarantee ease of doing business in the country. He particularly mentioned the Companies and Allied Matters Act (CAMA), Railway Corporation and Nigeria Postal Acts as some of the laws that require an overhaul to meet the needs of the 21st century and global best practices.
The Minister equally mentioned the lawmakers to fast-track the Independent Warehouse Regulatory Agency Bill and Secure Transactions in Movable Assets Bill, in order to guarantee financial savings for Small and Medium Enterprises.
His words: “When passed, these pieces of legislation will improve access to funding for small businesses and allow investment in infrastructure. It is only by reviewing these laws that we will be able to guarantee the much-needed private investments in this sector. This move will go a long way to remove many obstacles that stand in the way of business innovation in Nigeria,’’ he said.
The minister further said that Nigeria would expand its scope of infrastructure which is crucial in guaranteeing an enabling environment for business.
“By infrastructure, we mean not only the hardware infrastructure like transport networks and reliable power supply. It also includes transparent regulation, policy consistency, the rule of law and a culture of efficient collaboration and synergy among various government agencies,” he concluded.
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