Nigeria seeks review of business laws to boost investment

The Nigerian government has urged the National Assembly to review some of the existing business laws to provide an enabling environment to attract more investment into the country.

Minister of Industry, Trade and Investment, Okey Enelamah, diclosed this on Thursday when he appeared before the House of Representatives for the ongoing "Sectoral Debate" on strategies for the diversification of the nation's economy.

He said legislative intervention was crucial to guarantee ease of doing business in the country.

According to Enelamah, the Companies and Allied Matters Act, Railway Corporation and Nigeria Postal Acts require overhaul, in order to align them with realities of the 21st century as well as global best practices.

He also urged the lawmakers to fast track the Independent Warehouse Regulatory Agency Bill and Secure Transactions in Movable Assets Bill, to guarantee financial savings for Small and Medium Enterprises.

When passed, these pieces of legislation will improve access to funding for small businesses and allow investment in infrastructure, the minister said.

"It is only by reviewing these laws that we will be able to guarantee the much needed private investments in this sector," Enelamah added.

The minister said 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," he said.

"It also include transparent regulation, policy consistency, the rule of law and a culture of efficient collaboration and synergy among various government agencies," Enelemah said. Endit