Business Facilitation Act of 2022: This Act, signed into law in February 2023, serves as a codification of Executive Order No. 001 from 2017.
Sub-national Interventions: PEBEC will collaborate with states participating in the World Bank’s State Action on Business Enabling Reforms (SABER) Program-for-Results, which offers a $750 million grant for implementation.
Legislative Front: A further review of the Omnibus bill is planned in 2024, building on collaborative efforts with Civil Society Organizations (CSOs) in 2023 to review business climate laws.
Judicial Front: PEBEC will work with state judiciaries to facilitate the creation of “Small Claims Court” for swift dispute resolution.
Business Champions Program: The newly launched initiative specifically targets larger enterprises to spur economic growth.
This comprehensive strategy underscores the government’s commitment to fostering a business-friendly environment, promoting economic development, and addressing the unique challenges faced by larger enterprises in Nigeria.
