A push towards dismantling hurdles against growth of Micro, Small and Medium Enterprises (MSMEs) gained some traction recently as the Business Facilitation (Miscellaneous Provision) Bill 2022, also known as the “Omnibus Bill”, passed Second Reading at the House of Representatives.
The Bill also passed the second reading at the Senate on July 20, 2022. Special Adviser to the President on Ease of Doing Business/PEBEC, Dr. Jumoke Oduwole, who made the disclosure in a statement recalled that the House passed the First Reading on June 22, 2022.
According to her, ‘‘the Omnibus Bill is an intervention of the Presidential Enabling Business Environment Council (PEBEC) aimed at consolidating and amending outdated legislative provisions towards removing bottlenecks for micro, small and medium enterprises.
“It also seeks to ensure the sustainability of business climate and gives statutory force to Executive Order 001 of 2017 on the promotion of Transparency and Efficiency in the Business.
‘‘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.
‘‘Stakeholders eagerly look forward to the speedy passage of the Bill by both chambers of the 9th National Assembly and signing into law by Mr President in order to reap the attendant benefits for the Nigerian economy,’’ she stated.