Review Business Laws To Attract Investment – Minister Tells Reps

BEVERLY HILLS, May 05, (THEWILL) – The Minister of Industry, Trade and Investment, Dr Okey Enelamah, has urged the National Assembly to review some of the existing business laws to provide the enabling environment to attract more investment into the country.

Enelamah spoke on Thursday when he appeared before the House of Representatives for the ongoing Sectoral Debate on strategies for the diversification of the nation's economy, asserting that legislative intervention was crucial to guarantee ease of doing business in the country.

According to him, some of the laws requiring review are the Companies and Allied Matters Act (CAMA), Railway Corporation and Nigeria Postal Acts in order to align them with realities of the 21st century as well as global best practices.

He also urged the lawmakers to fast track the Independent Warehouse Regulatory Agency Bill and Secure Transactions in Movable Assets Bill, to guarantee financial savings for Small and Medium Enterprises.

“When passed, these pieces of legislation will improve access to funding for small businesses and allow investment in infrastructure,” he said.

“It is only by reviewing these laws that we will be able to guarantee the much needed private investments in this sector.

“This move will go a long way to remove many obstacles that stand in the way of business innovation in Nigeria.

“By infrastructure, we mean not only the hardware infrastructure like transport networks and reliable power supply.

“It also include transparent regulation, policy consistency, the rule of law and a culture of efficient collaboration and synergy among various government agencies.”

Story by David Oputah