Insights on The Business Facilitation Act 2023.
According to World Bank’s rating, Nigeria currently ranks 131st out of 190 economies on the ease of doing business. The Ease of Doing Business ratings ranks countries based on how the regulatory environment is conducive to business operation through simpler and friendly regulations for businesses, and stronger protections of property rights by governments, among other key variables. To ensure ease of doing business in Nigeria, President Muhammadu Buhari, GCFR has signed the Business Facilitation (Miscellaneous Provision) Bill 2022 into law. The Business Facilitation (Miscellaneous Provision) Act, 2023 (the “Act” or the “BFA 2023”) is a legislative intervention by the Presidential Enabling Business Environment Council, PEBEC, which amends 21 business-related laws, removing bureaucratic constraints to doing business in Nigeria. This Act aims to promote the ease of doing business in Nigeria, eliminate bottlenecks, and institutionalize all reforms to ease implementation.
This article will highlight some of the changes replicated by the Act, juxtaposing the prior provisions of the amended laws and acts. Some of these amended business-related laws include, but are not limited to Companies and Allied Matters Act 2020 (the “CAMA”), Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Immigration Act, Industrial Inspectorate Act, etc.