In line with its mission to remove critical bottlenecks to doing business in the country and make Nigeria a progressively easier place to do business and thrive, the Presidential Enabling Business Environment Council (“PEBEC”) has commenced the implementation of the fourth 60-day National Action Plan on the ease of doing business in Nigeria (“NAP 4.0”).
It will be recalled that PEBEC was established by the Federal Government of Nigeria in 2016 to oversee Nigeria’s business climate reform agenda. It is Chaired by the Vice President, Prof. Yemi Osinbajo, SAN, with the Honourable Minister of Industry, Trade and Investment as the Vice Chairman. Pursuant to its mandate, PEBEC has implemented three previous National Action Plans on the ease of doing business in Nigeria.
The first NAP (NAP-60) focussed on starting a business, construction permits, getting electricity, registering property, getting credit, paying taxes, trading across borders, entry and exit of people. The second NAP, titled NAP 2.0 focused on deepening and enforcing some of the initiatives in the first NAP as well as implementing new reforms. The focus of the third NAP (NAP 3.0) was to sustain the ease of doing business reforms at the national level and deepen reforms across the specific.
NAP 4.0 now seeks to further reduce the challenges encountered by small and medium-sized enterprises and businesses in identified areas of focus such as starting a business, getting credit, paying taxes, enforcing contracts or trading within and across borders, among others, by eliminating critical bottlenecks and constraints to doing business in Nigeria. NAP 4.0 is expected to run from 1st March to 29th April 2019.
One of the targets of NAP 4.0 is to drive the passage of the Companies and Allied Matters Bill 2018 (the “Bill”), which is seen as a revolutionary legislation. The expectation is that the Bill will improve the enabling environment for doing business in Nigeria and therefore encourage foreign direct investments.
Please click on this link to read our newsletter on the CAMA Bill 2018 (http://www.acas-law.com/storage/app/public/publication/HIGHLIGHTS%20OF%20THE%20BILL%20FOR%20THE%20REPEAL%20AND%20RE-ENACTMENT%20OF%20THE%20COMPANIES%20AND%20ALLIED%20MATTERS%20ACT%20(%E2%80%9CCAMA%E2%80%9D).pdf).
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