The Business Facilitation (Miscellaneous Provisions Act 2022)
The Business Facilitation (Miscellaneous Provisions) Act 2022 (the "Act") which was signed into law by President Muhammadu Buhari in Febrnary 2023 is-geared towards facilitating and boosting investment opportunities in the Nigerian economy and promoting the ease of doing business in the country'by removing institutional and administrative bottlenecks encountered by businesses in the course of doing business in Nigeria. The Act also introduces provisions allowing pension fun9 operators to utilize pension funds for securities lending and enhances the ability of private companies to raise capital from the public whilst improving the ease for foreign companies to participate in business in Nigeria. By codifying the first Executive Order, E001 issued by the President Muhaminadu Buhari administration, Dr. Jumoke Oduwole, the Special Adviser to the President on Ease of Doing Business in Nigeria noted that the Act aims to institutionalize reforms within certain government agencies such as the Customs, the Immigration Office, and the Standard Organization of Nigeria and deepen the level of transparency and efficiency in public services. The Act is geared generally towards assisting the private sector, especially Micro, Small & Medium Enterprises ("MSMEs") which rely on public sector services for the commencement and operation of their businesses. Such services include issuance of business permits and licenses, certificates, granting of incentfves and exemptions.
