LeLaw Nigerian Business Landscape Regulatory Reform Series No. 1 - December 2023
"[It is] Not Yet Uhuru" - Oginga Oding1
"....over the years government and its agencies are seen more as an obstacle, a hindrance rather than a facilitator and this is across all arms of government; the executive, the judiciary and the legislature." –
Acting President Yemi Osibanjo2
Introduction
As a keen observer, then active student, and later storied contributor to Nigerian business landscape and sectoral reforms discourse for almost three decades, news of the enactment of the Business Facilitation Act (Miscellaneous Provisions) Act No. 5 of 2022 (BFA) - in February 2023 - evoked some emotions in me. First, was "better late than never". It was apparently a 'parting gift' from the terminal President Buhari administration, and another laurel to its legislative cap.3
Ruminating about the BFA, this author realised it presented an opportunity to evaluate Nigeria's reform journey: where are we currently at? Have we attended to "the significant items" through the BFA? Could the BFA have done more? If so, why did it not do more?
In answering these and even more questions, this article will analyse the 11 section-BFA provisions cum antecedents, their potential impact vis a vis this author's prior critiques and reform suggestions, as a way of graphic description and measurement of the reform journey. In undertaking this exercise, the author will analyse issues seriatim, in tandem with the structure of the BFA itself.
Objectives – Improvement of Ease of Doing
Business
The BFA's long title aptly describes
it as "An Act to provide for the ease of doing business,
ensure transparency and productivity in Nigeria; and for related
matters". 4 Section 1
proceeds to provide that: "The objectives of this Act are
to - (a) promote the ease of doing business in Nigeria and
eliminate bottlenecks; and (b) amend relevant legislation to
promote the ease of doing business in Nigeria and institutionalise
all the reforms to ease implementation.5"
How far has the BFA achieved these objectives is the fulcrum of this article; it is hoped that the resultant discussion would be helpful in considering next steps by the President Tinubu administration, which after assuming office in May 2023 has taken some 'tough reform' decisions; albeit the jury is out on their current impact, vis a vis potential future benefits to the economy.6
For full version of this article, please click here: https://lelawlegal.com/add111pdfs/Signposts_and_Landmarks_updated.pdf
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
