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Buhari signs the Business Facilitation Bill into law.

Published

1 year ago

March 16, 2023

Stella Charles Akupue

Buhari signs the Business Facilitation Bill into law.

President Muhammadu Buhari notes that for any economy to grow and create jobs, an equally vibrant and successful small and medium enterprise sector is also needed, saying that such necessity made him sign the Business Facilitation Bill into law recently.

President Buhari spoke at State House, Abuja, as he received the Governing Council and members of the Institute of Directors, led by its President and Chairman, Dr Mrs Ije Jidenma.

“I was particularly interested to learn that you not only cater to large corporates but are aware that for any economy to grow and create jobs, we need an equally vibrant and successful small and medium enterprise sector.

“This administration has, despite the difficult times brought upon us by various external shocks, done much to ensure the survival and development of SMEs.

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“It is also my pleasure to share with you that your visit comes just a month after I signed the Business Facilitation Bill into law, which eases various constraints for micro, small and medium-sized enterprises. I am confident that this act will improve our business environment, especially for the MSMEs,” said the President.

While congratulating the Institute on attaining the milestone of 40 years, President Buhari acknowledged its commitment to nation-building, stressing the values of transparency and good business ethics.

He urged stakeholders to recognize the noble roles that the Institute could play in providing the support base for the development of the economy.

Buhari signs the Business Facilitation Bill into law.

“Let me congratulate the Institute on attaining this critical milestone of 40 years in existence. This is undoubtedly a proud moment for the Institute and the nation as it signifies your commitment to improved corporate governance, ethical business practices, and transparency.

“These values are not just essential pillars in the private sphere. They are also the keys to success in governance in the public sector, where the people have handed to us in trust, the responsibility to lead, guide, and protect them.

“As our economy and conversely our private sector continues to grow and evolve, it behoves all stakeholders to recognize that such a resourceful institution exists but is equipped and capable of providing the necessary support and development for the country.”

Earlier, Dr Jidenma noted that the reforms executed in various sectors of the Nigerian economy in the past eight years had increased expectations on the performance of business leaders and boards of public sector organizations.

The President of the Council noted that such had made the Institute poised to sustain its leadership role in the orientation and capacity development for the Directors to deliver on the mandates.

Dr Jidenma said the Institute had gained insights on areas that needed further action towards being chartered. Having interfaced with the National Assembly and relevant stakeholders, he requested the President’s consideration and assent when the Bill was transmitted to him.